Cable & Wireless appoint new CEO

Cable & Wireless has appointed Francesco Caio as its new CEO.

He was the first CEO of Italian mobile company Omnitel Pronto.

The current CEO Graham Wallace is to step down immediately.

The company has also appointed a new Chief Operating Officer, Kevin Loosemore, formerly of Motorola.

Over the past two months the company has seen the replacement of many of its top management, including the appointment in January of a new Chairman, Richard Lapthorne.

Shares have risen on news of the new appointments.