Cable & Wireless' decision to put its chief executive in charge of strategy and acquisitions has been well received by telecoms bankers, who see it as confirmation that the company is serious about spending its cash pile on acquisitions.

Cable & Wireless Global was set up in May 2000 to incorporate the US, UK, European and Japanese operations of the company. Most telecoms companies have someone of a reasonable level of seniority to focus on acquisitions. However, the appointment of Mike McTighe is unusual, according to one banker, in that the company has put a highly regarded senior operations person into what is essentially a planning role.