THE FINANCE CHIEF of Cable & Wireless Communications has quit the mobile broadband services provider ahead of its relocation to Miami from London.
Yesterday, CWC said that Tim Pennington is stepping down from the company and will take up another CFO position at an as yet unnamed London company. He leaves the board with effect from 11 February but will remain available to the business until early in June, after the company’s year-end preliminary final results.
Pennington is the second top executive to leave the company since it announced its move to Miami in May last year, after chief executive Tony Rice was replaced by former British Gas managing director Phil Bentley, who is based in the new office.
Pennington joined Cable & Wireless in 2008 as CFO prior to the company demerger two years later that formed Cable & Wireless Communications and Cable & Wireless Worldwide. Previously, he was CFO of Hutchison Telecommunications International and finance director of Hutchison 3G.
“We have now established our new operating hub in Miami, Florida and we will be recruiting a new CFO who will be based there,” said Phil Bentley, chief executive of CWC. “We are pleased that Tim has been able to secure a new challenge, and wish him every success.”
According to Financial Director’s 2014 Salary Survey, Pennington picked up a pay packet of £957,750 in the last financial year.