Ex Marconi chief to get payoff and pension
The board
of Marconi, the troubled telecommunications giant, has agreed
severance pay of £300,000 for the company's former chief executive,
Lord Simpson. Lord Simpson will also retain his Marconi pension,
said to be worth £2.5m. The former deputy chief executive, John
Mayo, is reported to be "holding out" for a larger payoff than the
£600,000 he has already received.
The
Financial Times,
TheGuardian,
TheTimes and the
Independent all report on the furious
reaction to the payment from shareholders and trade unions alike.
The
Financial Times reports that the settlement represents a
U-turn for Marconi's new chairman, Derek Bonham. Bonham originally
pledged to take a tough stance against any claims from Lord
Simpson.
TheGuardian notes that Lord Simpson's cash
payoff is less than a quarter of the sum he originally demanded.
Baltimore board reshuffles again
The loss-making
security software group, Baltimore Technologies, has appointed
Bijan Khezri as its new chief executive officer in the third
management shake-up in a year. The company also admitted that its
cash reserves had fallen to £32.4m.
The
Financial Times reports that the company's shares rose
by 2p yesterday to 16p.
TheDaily Telegraph carries
the news that the new chief executive has ruled out further
cost-cutting measures, intending instead to boost sales.
TheGuardian concentrates on the outgoing chief executive, Paul
Sanders, whose former employers, SSL International, are under
investigation by the Serious Fraud Office.
Microsoft heading for EU showdown
Microsoft has
requested a meeting with the European commission to defend itself
against allegations made by the EU regulator, Mario Monti, that the
company is anti-competitive. The allegations were made in a leaked
document from the EU's antitrust investigators.
The
Financial Times reports that Microsoft's request shows
that the software company is taking the Commission's concerns
seriously.
TheGuardian profiles Mario Monti, the EU
commissioner. The newspaper comments that Monti could prove a
formidable adversary for Microsoft, as he has "killed off more
mergers than he cares to remember, and fined an alarming number of
European firms for anti-competitive behaviour".
Best of the rest
The Financial Times reports
- Infosys Technologies, the Indian software group, reported a 31%
rise in profits, confounding fears that the 11 September terrorist
attacks would have a negative effect on the Indian IT
industry.
- HP and Sungard are to compete for Comdisco's disaster recovery
unit in an auction. The bidding is expected to go as high as $800m
(£552m).
- Yahoo, the Internet service, has posted losses "in line with
expectations". The company blamed the 11 September terrorist
attacks and weak advertising figures for the lower revenues.
The Times reports
- Accountancy software specialist Sage has admitted that the 11
September terrorist attacks would affect its business. However, the
company says its profits will fall broadly in line with
estimates.