Business Services Industry
Marconi Shareholders Deeply Upset with Management of Company.
Knight Ridder/Tribune Business News, July, 2001
Daily Mail, London Knight Ridder/Tribune Business News
Jul. 19--It was the question of the hour. As one Marconi investor demanded: "How did George Simpson manage to make one of the most respected companies on the London Stock Exchange into a penny share?"
Marconi, once 1250 pence, slipped 3/4 pence to 99 pence as the agm opened. But investors hoping for an explanation from directors, let alone an apology, were disappointed.
Chairman Sir Roger Hurn came closest when he said: "I understand why everybody is upset. We are trying our best to put things right. Of course we regret what happened." He promised "to run this company differently."
Chief executive Lord Simpson said: "I won't try to justify what happened."
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