Jim Marsh, chief executive at troubled comms provider Cable & Wireless Worldwide (CWW), has handed in his resignation after the firm admitted that sales in the first 10 weeks of its fiscal 2012 were much slower than expected, although it claimed that this performance was "in line with management expectations."
In an interim management statement put out earlier today, CWW said that as a consequence both gross margins and EBITDA would be below market expectations, and also cut its planned dividend pay-out by half.
Marsh will be replaced by chairman John Pluthero, whose previous role will now be filled by former senior independent director John Barton.
"It is now important that we take the necessary steps to ensure the future growth of our business," said Pluthero today.
"I'll be looking to take a more radical approach to building on our hosting, cloud and data services business whilst becoming more competitive and efficient in the mature product areas. It has been easy to lose sight of what this business could be; it is my intention to reassert that future," he added.
CWW's sales dipped 0.4 per cent during the last financial year, which ended on 31 March, to £2.2bn. However according to the Guardian its shares have dropped 50 per cent since it demerged from Cable & Wireless International last year.