Former Marconi FD in pension payout

Former Marconi FD in pension payout

John Mayo, the former Marconi finance director and deputy chief executive, is about to receive £500,000 in pension benefits following his sudden departure in July, reports said today.

According to the Financial Times, the troubled telecommunications group is believed to be set to pay the benefits in addition to the £600,000 it has already paid to the former director who had expected to become chief executive this year.

The company has stressed it could do nothing about the pension pay out, though it described suggestions that Mayo could have received a benefit of £950,000 as ‘wildly inaccurate’.

Mayo was forced to resign from the telcom equipment manufacturer in the summer after the comapny issued a dire profits warning and announced thousands of job cuts.

Links

Marconi: ‘It’s been a hell of a couple of weeks’

Security tight at Marconi agm

Simpson stays on for Marconi review

Mayo fails to show for the big day

Marconi FD faces US court action

Marconi directors buy up stock

Mayo buys shares before exit

Marconi man loses Pounds 200,000

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