Marconi Pays Off Lord Simpson

£300,000. D'oh!

October 10, 2001

1 Min Read

LONDON -- The Board of Marconi plc announces that it has reachedagreement with its former Chairman and Chief Executiveregarding their compensation for loss of office.Sir Roger Hurn, who resigned as Chairman, has not sought orbeen offered any compensation.Lord Simpson, who resigned as Chief Executive, will receivean amount of £300,000 in full and final compensation for hisloss of office, benefits and future pension contributions.Lord Simpson has agreed to waive all further entitlementsunder his contract, which would have extended until July2002.Up until the date of his resignation John Mayo was entitledto salary, pension and benefits, these entitlements have, orwill, be honoured in full by the Company. Following anagreement signed on the day of his departure John Mayo hasbeen paid an amount of £600,000.Marconi Corp. PLC

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