Marconi's chief-to-be quits amid shares collapse

The chief executive-designate of embattled telecoms firm Marconi, John Mayo, has resigned.

The resignation comes amid a collapse of Marconi shares after it warned sales would be 15% lower this year and operating profits may be halved.

The firm also announced 1,500 job losses in the UK, including 500 in Poole, Dorset.

The shares nose-dived 54% on Thursday after the announcement, and there was no reprieve yesterday - by the close of UK trading, Marconi shares were down 7% or 8p at 104.5p.

Mr Mayo, deputy chief executive of the company, had been due to succeed current chief executive Lord Simpson who would have become chairman.

A spokesman for the company later said Lord Simpson would stay in his current position, as would chairman Sir Roger Hurn.