British telecommunications group Cable & Wireless, the second biggest of its kind in an unprecedented manner has declared that its UK and international businesses and chief executive Francesco Caio will resign due to lack of bottom line profit at the beginning of April.



The firm further said the costs of reorganizing its UK business along with some other reasons like reduction in one off items that shown positive results in earlier quarter is also experiencing pressure margin in the coming days. In a trading update John Pluthero, an executive director of the U.K. business was named joint Group Managing Director and Chairman of a newly created U.K. unit the Bracknell. It is projected that C&W’s net income over next six months will fell from 207 million pound to estimated 92 million pounds. The company has also warned the City that pre-tax profits over the next financial year will also not show any good sign than the previous financial calendar. Francesco Caio who led the group for past three years will stay at the company until the transition takes place.



via [bloomberg]