Marconi cull continues

Even fewer seats in the boardroom...

Troubled telecoms equipment manufacturer Marconi is likely to see further changes at the top with acting chairman Derek Bonham looking to axe non-executive board members in the wake of Lord Simpson and Sir Roger Hurn's departure. Bonham is also stepping up efforts to prevent Lord Simpson, Marconi's former CEO, walking away from the company with a £1m pay off. Hurn has already waived his £300,000 pay off and, according to the Guardian Bonham expects Simpson to make a similar gesture under increasing duress. Bonham is also due to begin talks with Marconi's lenders in an attempt to sure up the company's financial future amid concerns over increasing debt and a falling share price.