Marconi's madness
Marconi announced plans to lay off an additional 2,000 employees while stating that Chairman Roger Hurn and CEO George Simpson were also among today’s casualties.
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Mike Parton, who heads the Marconi Networks division is stepping in as the new CEO. The company also disclosed growing debts and a loss of $329 million for its first quarter, which ended June 30.
Combined with previous layoff announcements, Marconi will reduce its work force by 10,000 people this year. In the wake of its last earnings warning and layoff announcement this summer, the company’s CEO-in-waiting Jerry Mayo resigned.
--Liane LaBarba, senior editor
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© 2012 Penton Media Inc.
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