Former Marconi executive Mr John Mayo, who quit after a humiliating profit warning from the telecoms equipment maker, plans to attend the firm's annual meeting today in what is sure to be an angry post mortem.
Mr Mayo, the 45-year-old former deputy chief executive who was once destined to take over the top job, intends to take his place on the meeting-room floor with other Marconi shareholders at today's meeting, according to a spokesman for Mr Mayo. He owns 365,000 Marconi shares.
His attendance at the noon meeting, which the spokesman says is not guaranteed, would add drama to what is already poised to be an angry confrontation between shareholders and the board, led by Chairman Mr Roger Hurn and Chief executive Mr George Simpson.
Mr Mayo fell on his sword two days after Marconi, formerly one of the standard-bearers of the global telecoms boom, issued a warning that slashed its share price in half early this month.
Mr Mayo believes he was unfairly blamed for the debacle and wants to make clear Mr Hurn was responsible for suspending Marconi's shares from trading for a full day ahead of the warning, the Guardiannewspaper has said.
Shareholders have blamed the share suspension for a tidal wave of pent-up selling that later swamped the stock.
Employees furious over 10,000 job cuts this year will put further pressure on the company. Manufacturing Science Finance, a Marconi subsidiary said it will demonstrate outside the meeting and send in as many as 50 of its members to ask the board to justify the closure of its factory in Poole.
More than 100 employees from the Poole factory walked out yesterday in protest at the planned shutdown.
Marconi shares were last down a penny at 100.75p, less than a tenth of their value last August.