Cable & Wireless Communications Appoints Perley McBride As CFO - Quick Facts

(RTTNews) - Cable & Wireless Communications Plc (CWC.L) Monday announced the appointment of Perley McBride as Chief Financial Officer. He succeeds Chief Financial Officer Tim Pennington, who announced in early February his plans to leave the firm.

McBride will join the company on June 23 and will be appointed to the Board on June 26. He will report directly to Group Chief Executive Phil Bentley. Cable & Wireless noted that the new CFO has extensive experience in the US telecom and technology sector. Until recently, he was Chief Financial Officer of low cost US mobile telecoms operator Leap Wireless International, which has been acquired by AT&T Inc. (T), from December 2012 through to May 2014.

Prior to Leap Wireless, he served as Executive Vice President of Finance at the Weather Company, owner and operator of The Weather Channel, between 2010-2012. Earlier, he has held senior finance positions at Frontier Communications, a fixed line telecom operator in the US and, prior to that, with Sprint Corp.

Bentley said, "We have set out our new strategy to return this business to growth, and Perley's knowledge and experience of both fixed and mobile operations will be crucial in delivering on this commitment. He has strong relationships with US investors and banks and a track record of improving operating efficiency."

On February 10, Cable & Wireless had announced that it has commenced a global search for Pennington's successor as he will leave the firm to take up a position as Chief Financial Officer in London with another company, to be announced shortly. He was to remain available to the business until early in June, after the company's year-end preliminary final results.

In London, CWC stock is currently trading at 52.52 pence, down 0.23 pence or 0.44 percent.