Marconi Names New CFO

LONDON -- Marconi Corporation plc (London: MONI) announces that it has today appointed Pavi Binning as Chief Financial Officer. Pavi, 43, will take up the role on his departure from Diageo Plc, which is anticipated to be in October 2003. Chris Holden who first joined Marconi as interim Group Financial Controller in August 2002, and who later agreed to take on the CFO role on an interim basis, has accepted the Group Financial Controller position on a permanent basis. Pavi Binning will join the Board of Marconi Corporation plc at the time he joins the Company and Chris Holden will leave the Board at that time. Pavi will be granted five million options under the Marconi Corporation Senior Management Share Option Plan.

Pavi Binning joined Diageo Plc in 1986 and has performed a number of senior corporate and operational finance roles for the company, most recently as Corporate Finance Director, Group Financial Controller, CFO Europe and CFO Americas. Prior to Diageo Pavi worked for Solex Plc and Electrolux Ltd. He is a member of the Chartered Institute of Management Accountants (1982).

'Pavi Binning will make an excellent CFO for Marconi,' said John Devaney, Chairman of Marconi Corporation plc. 'We are fortunate to have been able to choose the best from some very high quality candidates. I am also delighted that Chris Holden, who has done a superb job and helped the Company through a complex and arduous refinancing, has agreed to remain in place as Group Financial Controller, a role in which he has already shown that he excels.'

Marconi Corp. plc