COB STENHAM yesterday stepped down as chairman of Telewest in a wider boardroom reshuffle that saw all the stricken cable company’s non-executive directors replaced.

The only board-level survivor of the reorganisation — which was dictated by Telewest’s new owners — is the company’s managing director, Charles Burdick.

Mr Burdick has been given the new title of chief executive, although his position is far from secure. A filing spelling out the changes made it clear he serves “at the pleasure” of the new board, with an entitlement to receive £500,000 should he be fired.

The other board members stepping aside include Denise Kingsmill, outgoing deputy chair of the Competition Commission, and Tony Rice.

Mr Stenham, 71, meanwhile, will remain as an adviser to the company with the title “chairman emeritus”.

Telewest’s bondholders dominate the company’s new nine-member board, which will take up the reins when the group’s restructuring is complete. Telewest will move its listing to Nasdaq for the convenience of the company’s debtholders. They are largely American.The largest bondholder, W R Huff Asset Management, has two board seats — mirroring its position at Telewest’s cable rival NTL.

Telewest’s new chairman will be Barry Elson, 62, a 14- year veteran of the US cable operator Cox Communications, where he rose to be executive vice-president of operations.