Cable and Wireless announced that David Prince, the group finance director, has expressed a desire to retire from the Board of Directors. He will step down from the board on 1 December 2003, but will remain with the company for an interim period to hand over his responsibilities. Jones has been with the company for more than 20 years and became finance director last year in the pang of the crisis that ploughed the company before the ousting of chief executive Graham Wallace. David Prince will be replaced by Charles Herlinger, a senior financial executive at Siemens.
The board and I are very grateful to David Prince for his contribution to the Cable & Wireless Group over the years. He took on a difficult task when he joined the Board last year, and his support during the past nine months has been invaluable, Richard Lapthorne, chairman, Cable & Wireless, commented.
Prince, 52, is paid 600,000 a year and is likely to receive an early retirement package of around a year’s salary, although the terms are still being negotiated.
David Prince originally joined Cable & Wireless in 1981 and remained with the Hong Kong business when it was merged with PCCW in 2000. He returned to Cable & Wireless in July 2002 as Group Finance Director.
Filipe Samora with This is Money
2003-09-10
Em Foco – Pessoa