Shares in Marconi dropped below £1 on Wednesday afternoon after the embattled telco insisted at its annual meeting that much of the speculation surrounding chief executive designate John Mayo's resignation had been unfair.
Along with current chief executive Lord Simpson, Mayo was blamed for the telco's complete failure to smooth over a shock profits warning on 4 July, which has seen the company dragged through the gutter in the media's financial pages ever since.
Shares are now more than 90 per cent below last September's peak of £12.50. Simpson told shareholders that the firm had £4.5bn worth of credit facilities and was secure enough to see it through what was "definitely a bad patch".
Institutional investors have stressed the need for Marconi to hire a new chief executive quickly, warning that they would not tolerate a long delay.
Until the position is filled, Marconi may struggle to convince the City that it is back in robust health, leaving it open for a takeover bid.
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