Marconi chairman Derek Bonham has announced that he will stand down as soon as the troubled telecoms group has completed its debt-for-equity swap.
The company said that it had always been Bonham's intention to leave after the completion of the company's financial restructuring, and that this was why he had taken the title of interim chairman when he was appointed in September.
Marconi, which has debts of around £4.2bn, is negotiating with banks and bondholders over the debt-for-equity swap.
It is believed to owe about £2.2bn to the banks and a further £2bn to bondholders.
"When the financial restructuring is completed Derek Bonham will have completed his work for Marconi. Bonham and Alan Thomas, a new non-executive director, have already started the search for a new chairman," said a spokesman.
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