Phone giant in Britain cuts top officials; Cable and Wireless acts after dispute
Article Abstract:
Cable and Wireless announces that its chmn Lord Young and its CEO James Ross will both leave the company after Ross tried to force the company to choose between the two. The two executives had different visions for the future of the company, which has never achieved the market dominance it could have. Young saw the company as a confederation of holdings in both large and small markets around the world, while Ross favored a centralized management structure that would focus on the Hong Kong, US and European markets. Cable and Wireless earns about two-thirds of its revenues from its ownership of Hong Kong Telecom, and the company is pursuing the US market, although the ouster leaves the fate of potential partnerships with US telecommunications companies unclear. Cable and Wireless plans to search for a new CEO, and Brian Smith will serve as the non-executive chairman in the interim.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1995
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MCI to sell wholesale Internet unit to Cable and Wireless
Article Abstract:
MCI said it had sold its wholesale Internet business to London-based telecommunications company Cable and Wireless for $625 million in cash. Many have viewed the sale as a move to ease antitrust regulators's concerns about Worldcom's proposed $37 billion merger to acquire MCI. The move also illustrates hostilities between MCI and the Justice Dept, which is joining the European Commission in its challenge of an unfettered Worldcom-MCI Internet presence. Regulators are attaching Internet business divestment as a prerequisite to its merger approval. MCI reached an agreement with Cable and Wireless before word spread in May 1998 that it was soliciting bids for its Internet unit, according to executive insiders. The Justice Department did not respond to MCI's request of whether the then-impending sale would satisfy the Government's antitrust concerns, the executives said.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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A British phone company looks to America
Article Abstract:
Cable and Wireless's agreement to purchase a large portion of MCI's Internet business for $625 million in May 1998 reflects its plans to become a key US Internet player. The company presently focuses its US operations on reselling long-distance service to business customers. The proposed sale is contingent on Worldcom's successful $37 billion acquisition of MCI, which continues to face regulatory uncertainty. US native Richard H. Brown, who has doubled the midsized telecommunications company's profit since becoming CEO in 1996, believes the purchase would enable Cable and Wireless to join the upper echelon of Internet providers. Cable and Wireless reported $11.6 billion in 1997 revenue, which places it behind US long distance giants AT&T, MCI and Sprint as well as all American regional Bell companies except U S West.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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