Cable and Wireless Ireland Ltd, a division of Cable & Wireless (C & W), has confirmed that one of its directors, Tadhg Foley, has resigned his position.
In a statement the company said that Foley was leaving by mutual agreement to pursue other interests. His resignation will take effect on 31 March, 2003.
Responding to the departure, head of C & W’s global network operations, Ian Burnley, said: “I would like to thank Tadhg for his contribution to the success achieved by the Irish team since we came together as a division two years ago.”
Foley, who came to the company three years ago when his own firm – Topology – was sold to Lake Communications and later sold on to C & W, was also managing director of the company’s System’s Integration division in Ireland.
Newspaper reports today said that C & W had experienced a drop in revenue and an increase in losses in the year to March 2002.
However, a spokesman for C & W told siliconrepublic.com that overall revenue from its two main divisions in Ireland – Global Network Systems and Systems Integration – comes to approximately €40m for the year ended March 2002, although there was no detailed review of the firm’s Irish operations.
The two divisions in Ireland produced respective earnings before interest, depreciation, tax and amortisation (EBIDTA) of €10m in the year ended March 2002.
C & W’s British parent company is currently implementing a restructuring plan and a global services centre in Shannon closed down last month with the loss of 50 jobs.
The company said today that there would be no significant changes in the division in the short-term future and maintained that accounts for C & W Ireland Ltd did not reflect the group’s profits as a whole in the Republic.
Last month the chief executive of C & W globally Graham Wallace resigned his post.
Industry experts said that his stepping down was a result of pressure from shareholders who were unhappy with his failure to turn the company into a successful carrier of internet traffic.
By Suzanne Byrne