Telewest names Luiz finance chief

The troubled cable company Telewest yesterday appointed Mark Luiz as its new finance director ahead of an expected major financial restructuring to clean up its balance sheet.

The appointment completes Telewest's recent board shake-up, coming just over three weeks after its former finance director, Charles Burdick, took the top slot after Adam Singer, its chief executive, was ousted.

Mr Luiz, who was previously the chief operating officer and who has been a Telewest board member since November of 2000, takes on the new role with immediate effect.

As chief operating officer, Mr Luiz had spent the bulk of his time in a finance-related capacity, overseeing Telewest's cost reduction programme. Consequently, the company does not plan to appoint a new chief operating officer.

Mr Burdick said: "As the company continues to focus on operational performance and financial control, Mark's strong financial background will assist me in maintaining the financial discipline necessary in the coming months."

The move came just a day after Telewest announced its banks had given it the go-ahead to plough on with plans to carry out a financial restructuring.

Telewest, which has about £5bn of debt, said yesterday that it secured the "necessary waivers" from its banks to start discussions with bondholders and others.

It is widely expected to follow in the footsteps of rival cable company NTL by carrying out a debt-for-equity swap that will see its creditors seize control.