abc now ..doco about fox news.. eom, page-3

c&w up as chairman richard lapthorne seen staying C&W up as Chairman Richard Lapthorne seen staying
February 1, 2005 5:18am ET (Reuters)

LONDON, Feb 1 (Reuters) - Shares in British telecoms firm Cable & Wireless led blue-chip gainers on Tuesday as sources said its well-regarded chairman, Richard Lapthorne, would stay at the company.

One industry source said Lapthorne, whose fixed-term contract ends next year, had indicated that he wishes to extend his tenure.

By 1013 GMT shares in Cable & Wireless were up 2.6 percent at 126-1/4 pence -- outperforming the wider market's rise.

Dealers and analysts said Lapthorne, who became chairman in 2003, was highly regarded by investors owing to his success in restructuring the company.

"He did the first things very well -- sorting out the tax problems, the disposal of the U.S. business -- he's done a sterling job," said one analyst who declined to be named.

"When it comes to the operational side it's a lot more difficult. You can't escape the fact that revenues are falling. But he's a class operator so most people will be pleased that he's hanging around."

Cable & Wireless declined to comment on Lapthorne's contract.