Marconi chiefs risk shareholder wrath
Marconi's top three directors will share a bonus of almost £2m if the beleaguered company successfully completes a refinancing deal by next Spring.
Link: Marconi FD survives restructuring
The company said that the bonuses were offered to tie the three men into the process, which was vital to its success.
But the news is bound to outrage Marconi shareholders who gathered at the annual meeting of the company in London yesterday.
Steve Hare, finance director, will enjoy a total pay out of £562,500 of which he has already received half. Mike Parton, chief executive, and Michael Donavon, chief operating officer, have also received half of their respective £787,500 and £600,000 windfalls.