Summary
MIKE Parton must have thought the bad old days of sweeping job cuts, share price slumps and structural reorganisations were behind him. The chief executive of Marconi led the telecoms equipment maker's rescue two years ago with a GBP 4.7bn debt-for-equity restructuring after cutting thousands of jobs to keep the ailing former industrial giant alive.
In November, he said the future was looking bright after announcing a strong increase in interim pre-tax profits and saying sales had stabilised.See the full content of this document
Extract
Glimmer of Hope On Brink of Disaster
But once again, it has all gone wrong for Marconi. On Friday, the group announced plans to cut 450 posts in Coventry and 300 in Liverpool from its UK workforce of 4,300. This follows the company's failure to win key contracts with BT to work on the telecom group's ...
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