LONDON -- Marconi (MONI) has today reached agreement with Steve Hare, CFO, for him to leave the business on 31 January 2003, the anticipated date of the completion of the Company's financial restructuring. Steve has stepped down from the Board with immediate effect. Chris Holden, currently Group Financial Controller within the business, will join the Board with immediate effect as acting CFO. A search, to include internal and external candidates, will be conducted to fill the role on a permanent basis. Derek Bonham said: 'I am disappointed that we have had to come to this conclusion regarding Steve but it is in everyone's interest to clarify the position. The Board and I wish to express our gratitude to Steve for his considerable efforts during what has been a particularly difficult time for him.'

Marconi plc