Business Services Industry
U.K. Telecommunications Firm Colt Stumbles.
Knight Ridder/Tribune Business News, April, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Apr. 23--Colt Telecom shares slipped (down 3 1/4 pence at 82 3/4 pence) as Fidelity said it was installing Belgian Jean-Yves Charlier from BT to replace chief executive Steve Akin, who is returning to Boston to work for the fund manager.
Cost-cutting Akin pocketed more than UKpound 1 million last year, but will not get a payoff. He was due to step down in summer 2005, but will go this autumn.
Revenues in the last three months rose 11 percent on the same period last year, but were flat on the preceding quarter. Pretax losses halved to UKpound 19.8 million.
Charlier ran BT's corporate services arm in Europe, where it competes with Colt.
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