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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (2194)	3/20/2002 7:59:10 AM
From: ms.smartest.person	Read Replies (1) of 2248

PCCW CFO David Prince To Leave Co May 31 DOW JONES NEWSWIRES HONG KONG -- Pacific Century CyberWorks Ltd. (PCW) Chairman and Chief Executive Richard Li Wednesday said Chief Financial Officer David Prince is leaving the integrated telecommunications company May 31 to spend more time with his family. He will be replaced by Frederick Ma, an executive director at PCCW. Prince joined PCCW from Cable & Wireless HKT in August 2000 when PCCW took over the fixed-line telecommunications company. Li also said that the company saved US$150 million on the cost of servicing its debt in 2001 compared with a year earlier. He added that the company's provisions for investments fell to US$59 million in 2001 from US$657 million in 2000. In a statement faxed to news agencies, Prince said he was leaving a company in fine financial fettle. "Working through the PCCW/HKT merger has been gratifying, and I take my leave with great confidence in PCCW's future and financial strength," Prince said. Ma came to PCCW in May last year from J.P. Morgan Private Bank, where he was chief executive - Asia Pacific. The announcement of Prince's resignation and replacement came at a press conference called to announce PCCW's 2001 earnings. The company reported a net profit of US$243 million last year but provided no comparable number for 2000. Earnings before interest, tax, depreciation and amortization increased to US$948 million in 2001 from a pro forma US$790 million, the company said. -By Anette Jonsson, Dow Jones Newswires; 852-2802-7002; anette.jonsson@dowjones.com (John Ryan contributed to this story.) URL for this article: online.wsj.com Updated March 20, 2002 4:20 a.m. EST Used with permission of wsj.com

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