Boardroom shake-up expected at Marconi
Beleaguered telecom and engineering company Marconi will lose its chief executive in the Autumn, while its finance director is also rumoured to be stepping down.
Marconi boss Derek Bonham will quit the business after financial reconstruction is completed, while finance director Steve Hare is also expected to move, according to reports in the Observer.
A refinancing deal is currently being negotiated with banks, including HSBC and Barclays. The company was hit by the slump in the telecom market after the technology bubble burst in 2000.
Its shares were once valued as high as £10, but now trade at just 3p
Marconi began talks with creditors in May, after calling in Allen Thomas to its board and hired restructuring company Talbot Hughes as advisors.
Thomas has a history of helping cash strapped companies, having acted as general counsel to the Municipal Assistance Corporation that bailed out New York City out of its financial crises in the 1970s.