Business Services Industry
Cable and Wireless cuts 600 jobs in Europe to pursue cost-reduction strategy.
Knight Ridder/Tribune Business News, November, 2004
By James Ashton, Daily Mail, London Knight Ridder/Tribune Business News
Nov. 11--Cable & Wireless braced itself for weak sales as it took the knife to operations in UK and Europe, axing 600 jobs in yet another restructuring.
The telecoms company wants to save 50 million pounds a year by March 2006 and is shifting its head office from central London to Bracknell. It is grappling with cutthroat competition for business traffic.
"Sales growth will not save us," said chairman Richard Lapthorne. "Far more profit growth is going to come from cost reduction."
Out goes chief operating officer Kevin Loosemore with a 500,000 pound-plus payoff. So does UK boss Royston Hoggarth, who turned down a role heading one of four new divisions...
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