CWU hopes for a new and positive era at Cable & Wireless Worldwide as John Pluthero announces his departure
17th November 2011
CWU is pleased to see the back of John Pluthero, CEO of
Cable & Wireless Worldwide who will leave the company in March
after the company slashed the value of its assets by
£624million and announced a first half loss of
£590million. The disastrous results were announced on Tuesday
with the share price down by 26 per cent yet Mr Pluthero will have
collected £18 million for his role in the company over the
past six years, including £10 million from a controversial
bonus scheme.
Andy Kerr, CWU Deputy General Secretary,
said: "Nobody will be sorry to see the back of John Pluthero -
not the city, not shareholders and especially not C&W staff.
This is a man who over the last six years at the helm of C&W
has helped himself to astronomical pay and bonuses totalling
£18m, whilst slashing jobs, enforcing measly pay awards for
staff and presiding over a 70% fall in the C&W Worldwide share
price since it demerged from Cable & Wireless Communications
last year.
"When John Pluthero began six years ago he told his staff
they work for an 'underperforming business in a crappy industry
and it's going to be hell for 12 months'. His tough talking
approach may have helped him muscle his way to extortionate
bonuses, but ultimately he has failed the company, its shareholders
and its people.
"I wish Gavin Darby the best of luck in restoring C&W's fortunes and I hope he will recognise the value of fostering an engaged workforce. If C&W can re-establish a positive relationship with its staff this will be a significant step in the right direction and the CWU is always ready to work with C&W to help make this a reality."
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