Lord Weinstock, the founder of GEC, appears to have taken control of the search for a new chief executive to replace Lord Simpson, the incumbent who is under fire for his stewardship of Marconi and who is due to retire next July.
Weinstock publicly backed Simpson this week, but behind the scenes he is reportedly drawing up a shortlist of three possible replacements, according to the Financial Times. These include the well-regarded head of the office of government commerce and former Marconi executive, Peter Gershon.
Lord Weinstock, also a player in the horse racing industry, stepped down as chief executive of Marconi five years ago but is still one of the firm's major shareholders.
Shares in Marconi crashed recently after the firm finally admitted it had been hit hard by the slowdown in IT spending after earlier insisting it was in good shape.
It is facing possible strike action at the Dorset plant it wants to close, and lawsuits from angry US investors.
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