Struggling telecoms firm pays £7.3m to top executives

Troubled
communications company Cable & Wireless spent £7.3m last year on salaries,
bonuses and other payments to new and departing boardroom executives – £5m more
than in the previous year, the company’s annual report reveals.

The
pay packet for new chief executive Francesco Caio accounted for most of the
increased boardroom bill at the struggling telecoms company.

Caio
took home £2.1m, including £184,145 to cover the cost of commuting between his
home in Italy and the UK. He stands to make £2.7m more if the company achieves
all its performance targets.

Kevin
Loosemore, the new chief operating officer, received a £1.2m pay, bonus and
benefits package. New chairman Richard Lapthorne received salary and benefits
of £394,949.

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The
company also shelled out a total of £1.8m in salary, bonuses and payoffs to
five executives who left, including former chief executive Graham Wallace.

By Daniel Thomas