Marconi operating officer to leave in multi-million pound deal

The man responsible for cutting 20,000 jobs at telecoms company Marconi is leaving the firm in a multi-million pound deal.

According to the Guardian, Mike Donovan, Marconi’s chief operating officer, will make about £7m on share options awarded after the business was restructured last year.

The paper said Donovan is expected to leave with a pay-off equivalent to his salary and benefits package of £490,000 in addition to the profit on his options – some of which will fall due to him next year.

Marconi’s chief executive, Mike Parton, is also set to receive more than £12m under the company’s option plan.

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