June 18, 2003 — (WEB HOST INDUSTRY REVIEW) — Cable & Wireless (cw.com) announced today that it has concluded an agreement with former CEO Graham Wallace that finalizes the terms under which he will leave the company.
Wallace resigned from the board on April 4, 2003. Since that time, he has remained employed with Cable & Wireless supporting the chairman and new CEO.
The employment termination date has been set for July 20, 2003.
?We have reached a rational settlement with Graham Wallace which is sensible for both parties,? said Richard Lapthorne, chairman of Cable & Wireless.
Under the terms of the agreement, Wallace will waive a significant proportion of his contractual entitlements and receive a cash payment of £387,500 (equivalent to six months? salary) in lieu of notice. He will receive no payment under any of the company?s incentive plans.
