Cable & Wireless

13 November 2007 By Mike Verdin

The UKCaribbean telecoms group is sending its international boss, Harris Jones, packing with a £5m payoff. But it s not obvious he has performed well. It looks like C&W s cuttingedge attempt to incentivise managers is doing exactly what some critics feared paying a lot for not very much.

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Cable & Wireless said the chief executive of its International division, Harris Jones, has stepped down with immediate effect and would leave towards the end of this year.

Jones will be paid a leaving package of more than £5m, including £4.3m relating to the group's longterm incentive pay scheme. The International division had created £750m of value for shareholders since the scheme was introduced in April last year, C&W said.

John Pluthero has been appointed executive chairman of International in addition to his role as chief executive of C&W's Europe, Asia and US division. C&W said it would begin a search for a new chief executive for International.

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