Cable & Wireless boss to quit

Cable & Wireless says its chief executive Graham Wallace is to leave the company.

Calls for the departure of Mr Wallace have grown in recent months after Cable was forced to overhaul its core business in the face of the telecoms slowdown.

The company says Mr Wallace will continue to be responsible for day-to-day operations until the search for a successor is completed.

The announcement comes just two weeks after former British Aerospace finance director Richard Lapthorne was appointed as Cable's new chairman.