Marconi man under siege

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According to newspaper reports, Steve Hare, the finance chief brought in after the departure of John Mayo last year, is coming under pressure from creditors to leave the ailing telecoms manufacturer even though he played a key role in reducing company debt during the past year.

Marconi is expected to announce today a deal to restructure its debt of £4bn, which will see a virtual takeover by bondholders and other creditors.

Hare took over the financial hot seat at Marconi last April after John Mayo, the chief-executive designate, was forced out last July following a collapse in group sales.

Marconi declined to comment.

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