Mayo 'Resigns' from Marconi

Sacrificed after Marconi's stock market massacre. George Simpson to stay on as CEO

July 6, 2001

2 Min Read

The Board of Marconi plc (Nasdaq: MONI;London), today announces that John Mayo, its Deputy Chief Executive, hasresigned from the company with immediate effect. George Simpson will remain as the Chief Executive of the Company and SirRoger Hurn will remain as its Chairman.

Commenting on the announcement, Sir Roger Hurn, Chairman of Marconi said:

"The priority for Marconi is to optimise its operational performance inthese difficult and unpredictable markets. Lord Simpson has agreed tocontinue in his role as Chief Executive, and I will continue as Chairman. Ibelieve that George's experience and commitment to the Group means that he isbest placed to lead the management team through this difficult period."

George Simpson, Chief Executive, added:

"In the changed circumstances we are committed to the task of restoringconfidence in a company that we believe has a strong future. The speed andseverity of the downturn in the markets clearly requires firm action and thesolutions will not emerge overnight. However, the longer-term prospects ofthe industry remain good, we are soundly financed and we believe we are muchbetter positioned than a number of our competitors. Marconi has excellentproducts, blue-chip customers and a good geographic spread. We will be workinghard in the coming months to restore the fortunes of the Group."

John Mayo said:

"Marconi is a great company going through difficult times that are not ofits own making. The entire workforce faces immediate short term challengesand it is inevitable that sacrifices will have to be made for Marconi to enjoythe prosperity and growth available in the medium and long term.

I wish all my colleagues good fortune and look forward to my Marconishares under George's stewardship appreciating in value over the comingyears."

Marconi Communications PLC (Nasdaq/London: MONI)

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