The financial director of embattledBritish telecoms group Marconi, Mr John Mayo resigned last night, a group spokesman said.
Hewas due to become the company’schief executive,
The resignation comes amid a collapse of Marconi sharesfollowing a warning on Wednesday that profits would halve this year. The company announced that 4,000 jobs would be axed in addition to 3,000 already cut this year.
Following his resignation, Mr Mayo said: "Marconi is a greatcompany going through difficult times that are not of its ownmaking.
"The entire workforce faces immediate short term challenges andit is inevitable that sacrifices will have to be made."
Shares nosedived 54 per cent on Thursday following the announcementof Marconi's collapse, and there was no reprieve yesterday.
By the close of trading, its shares were down another 7 per cent.
Marconi is not alone in suffering from the slowdown in capitalspending that has been prompted by the global economic slowdown.
In recent months, big names like Cisco, Nokia, Ericsson, Norteland Alcatel have all alerted investors that the downturn will eatlarge holes in their bottom lines this year.
Marconi traced its own problems back to last year's feverishauctions of third generation mobile telephony licences.