Marconi FD survives restructuring
Steve Hare, financial director of beleaguered telecoms manufacturer Marconi, will remain at the company despite intensive speculation he would have to resign as part of the group's restructuring.
Following the announcement today of the group’s £5bn equity for debt deal, a spokesman confirmed Hare would continue as financial director, and that there were no plans for him to leave ‘at this time’.
Hare’s possible resignation had been the subject of recent speculation, even though he had played a significant role in reducing the group’s debt burden after taking over the FD position following John Mayo’s departure last year.
The restructuring deal will leave shareholders with only 0.5% of the company – at their height, shares in Marconi were trading at £12.50; today they were worth only 2.6p.