CEO of Caribbean Based Lime Announces Retirement

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Caribbean based mobile networks Lime announced that its Chief Executive Officer David Shaw has decided to step down after 4 years leading the company.

Mr Shaw will remain with the business for the next six months to facilitate a smooth handover of responsibilities.

Tony Rice, Chief Executive of Lime's parent company, Cable & Wireless Communications (CWC), will take over the leadership of the business, working with Lime's regional business leadership team.

CWC recently announced its intention to focus its business on the Caribbean and Central American region, after agreeing to sell its Macau and Monaco & Islands operations.

Mr Shaw thanked his colleagues in Lime for their support during his time running the business:

"As a team, we have achieved a great deal during the past four years. Our business is fighting back in Jamaica, in The Bahamas we are well positioned to face up to competition when it comes, and we are competing strongly in our other markets. The business is more focused than ever on delivering for our customers."

In an interim financial statement, the parent company said that it had maintained mobile market share in Panama, growing mobile service revenue by 5% with an increasing number of customers moving to data plans, driving an improved second half performance.

In Jamaica the company said that it continues to see an excellent response to the launch of competitive mobile packages and have increased mobile subscriber base by over 40% compared to the same point last year. The Bahamas is delivering solid progress in its financial performance together with much improved service and product offerings to its customers.

Restructuring costs will be increased by around $20 million to a total of $55 million.

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