New chief raises his holdings in Cable & Wireless

 
Oliver Smith
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CABLE & Wireless Communications (CWC) new chief executive Phil Bentley kicked off his first week in the job with the purchase of 4.3m shares in the company, which would have cost him around £2.5m.

The purchase is about three times his basic salary of £800,000 and doubles the 4.3m shares he was awarded.

“Bentley has already visited a number of operations, meeting with government partners in Caribbean and Latam markets so we expect him to hit the ground running,” said Espirito Santo which held its buy rating for the company’s stock.

Since October Bentley has been involved in the handover process at CWC, where he replaces outgoing chief executive Tony Rice. Rice has held the role for three years since the company’s separation from its sister company Cable & Wireless Worldwide.

“I am delighted to be joining CWC as its CEO. I recently visited a number of our operations and met with government partners in our Caribbean and Latin American markets with Tony Rice and the team,” said Bentley on his appointment.

“Our new office in Miami is taking shape, and I’m impressed with the quality of our people and the opportunities we have.”

Prior to becoming chief executive of CWC, Phil Bentley served as the managing director of British Gas from 2007 to 2013 and has been on the board at Centrica since 2000.

Despite Bentley’s act of confidence, CWC’s share price dipped 0.62 per cent yesterday to 56.30p.

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