Feeds

Marconi's Mayo kicked out; board keeps head down

Announced late Friday

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

Marconi announced late on Friday that its deputy CEO John Mayo has resigned from the telecoms equipment manufacturer, following a disastrous profit warning on Thursday that saw shares fall by over 50 per cent.

Stakeholders were furious and bayed for senior management scalps. Mayo's departure will keep the hordes at bay - at least that is what current CEO (Lord) George Simpson is hoping. Simpson was due to become chairman and Mayo to step into his boots.

Now, Simpson will remain as CEO and Sir Roger Hurn will be retained as chairman. Marconi's board is keeping a low profile at the moment though, and despite the extraordinary events of the least few days, a company spokeswoman told us there are no plans for a press conference.

It may only be a stay of execution for Simpson, however. Several major shareholders have spoken against him, calling him a "mere caretaker". Simpson will be 60 this time next year, so with luck he will be able to argue that he can find a replacement CEO in that time and then step down.

John Mayo left with the anodyne statement: "Marconi is a great company going through difficult times that are not of its own making. The entire workforce faces immediate short-term challenges and it is inevitable that sacrifices will have to be made for Marconi to enjoy the prosperity and growth available in the medium and long term. I wish all my colleagues good fortune and look forward to my Marconi shares under George's stewardship appreciating in value over the coming years."

Marconi's shares price has recovered slightly to 106.5p from a low of 96.5p on Friday. The company's shares hit a peak of 1250p in September 2000. ®

Related Stories

Marconi drops even further; everyone suffers
Massive fall-out from Marconi share collapse

Internet Security Threat Report 2014

More from The Register

next story
Azure TITSUP caused by INFINITE LOOP
Fat fingered geo-block kept Aussies in the dark
NASA launches new climate model at SC14
75 days of supercomputing later ...
Yahoo! blames! MONSTER! email! OUTAGE! on! CUT! CABLE! bungle!
Weekend woe for BT as telco struggles to restore service
You think the CLOUD's insecure? It's BETTER than UK.GOV's DATA CENTRES
We don't even know where some of them ARE – Maude
Cloud unicorns are extinct so DiData cloud mess was YOUR fault
Applications need to be built to handle TITSUP incidents
BOFH: WHERE did this 'fax-enabled' printer UPGRADE come from?
Don't worry about that cable, it's part of the config
Stop the IoT revolution! We need to figure out packet sizes first
Researchers test 802.15.4 and find we know nuh-think! about large scale sensor network ops
DEATH by COMMENTS: WordPress XSS vuln is BIGGEST for YEARS
Trio of XSS turns attackers into admins
prev story

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
Driving business with continuous operational intelligence
Introducing an innovative approach offered by ExtraHop for producing continuous operational intelligence.
5 critical considerations for enterprise cloud backup
Key considerations when evaluating cloud backup solutions to ensure adequate protection security and availability of enterprise data.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?