Shareholders vent anger against C&W Worldwide pay

LONDON,  (Reuters) – Cable & Wireless Worldwide   suffered a backlash from investors over executive  bonuses yesterday, reflecting shareholder anger at chairman  John Pluthero being given a second stint as chief executive  after the group issued a string of profit warnings.

Shareholders representing nearly a third of the stock voted  against an incentive plan that could reward Pluthero shares  worth 2 million pounds ($3.3 million) on top of his  675,000-pounds salary in the current financial year.

Pluthero had already received 10.2 million pounds under a  private-equity style incentive plan in the three years leading  up to the split of the former Cable & Wireless in March 2010. He was re-installed as chief executive when Jim Marsh stood  down in June after C&W Worldwide, which mainly serves  corporations in the UK, issued its third profit warning in less  than a year.

Current chairman John Barton told the group’s AGM that it  had been a “dreadful” year for shareholders, who have seen the  value of their investment fall by more than 45 percent since the  demerger.

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