At last July’s Marconi agm in London, chairman Sir Roger Hurn said chief executive Lord Simpson would remain at the helm for a further year. At the same meeting, Sir Roger unveiled the two month operational review which has also resulted in the loss of a further 600 jobs in the UK.
Mike Parton, former head of the company’s networks division, has taken over as chief executive and Derek Bonham, a senior non-executive director, has been made interim chairman.
Parton said: ‘Our operational review is a decisive response to the dramatic shift in the fortunes of the global telecoms industry.
‘We have reshaped our core business to concentrate on those activities where we are most competitively positioned. We are focused on matters within our immediate control with a particular attention to cost reduction and cash generation to reduce debt.’
Marconi said it expected to make a half-year operating loss, following an operating losses of Pounds 227m in the first quarter rather than the break-even as it predicted previously.
Until July’s profits warning, former finance director John Mayo was expected take on the post of chief executive succeeding Lord Simpson. But he resigned as deputy chief executive following six months that Lord Simpson described as ‘probably the worst in the history of the industry’.
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.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel