CABLE & Wireless Communications (CWC) yesterday announced the resignation of its financial chief Tim Pennington, ahead of the company’s upcoming move to its new US headquarters in Miami.
In a move described as “somewhat unexpected” to City A.M. by people close to the company, Pennington will take up another finance chief position at an as-yet-unnamed firm in London.
“Tim has played a vital role in the successful transformation of CWC since our demerger in 2010. He has reshaped the group to its current focus on the Caribbean and Latin America,” said CWC chief executive Phil Bentley.
“We have now established our new operating hub in Miami, Florida and we will be recruiting a new finance chief who will be based there.”
The search is now on for his successor, though CWC said he will remain available to the business until early June, following the company’s year-end preliminary final results.
“I have had a tremendous five and a half years at Cable & Wireless and CWC, during which we have reshaped the business. I am confident that the strategy the company is now pursuing will deliver success, and I wish Phil and the team the very best for the future,” said Pennington on his departure.