Cable & Wireless chief quits

Telecoms giant Cable & Wireless today revealed its boss is to step down after three years at the helm as it warned on next year’s UK profits.

Chief executive Francesco Caio is to leave Cable after overseeing a reorganisation that will split the business into two self-contained UK and international divisions.

The latest restructuring is expected to lead to job cuts but Cable said it was too early to say how many staff would go.

Cable said underlying earnings for 2006/07, including its Energis acquisition but excluding internet provider Bulldog, were expected to be no higher than for the current financial year, which runs to the end of March.