Mayo, who is a former finance director at the company, bought the shares to shore up investor confidence following a dip in the company’s share price by more than 50%.
Marconi’s new FD Steve Hare also indicated his support by buying 25,000 shares at 113.25p each.
The fresh round of buying took Mayo’s holding in Marconi to around 360,000 shares valued (5pm Friday) at £374,000 following a further fall to 104p.
According to Marconi on Wednesday operating profits would be halved in the years to March 2002.
Mayo was expected to take on the post of chief executive succeeding Lord George Simpson. But despite Mayo’s departure, large investors are expected to press for a change at the top following a disastrous week for the company. The company issued a profits warning on Wednesday and announced that 4,000 jobs would go worldwide.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.