In the last three years, Graham Wallace, chief executive of Cable and Wireless, has defied critics by transforming a lumbering phone company into a New Age provider of Internet services to large corporations.

Now that strategy -- and Mr. Wallace's job -- is on the line. With Cable and Wireless's stock price floundering, investors are increasingly calling for a shake-up, including the shutdown of some units and the resignation of Mr. Wallace.

... Investors have erased $9.8B in market value in the last year. C&W will report a 54% decline in EBITDA on a 28% decline in revenue.