In 1997 a laconic Scottish accountant, George (now Lord) Simpson, succeeded Lord Weinstock.

ECONOMIST: Reinventing Marconi

Its metamorphosis began under former chief executive Lord Simpson, who took over from GEC's long-serving boss Lord Weinstock in 1996.

BBC: End of the line for Marconi shares

"Like me, he believes the entire board and executive should be replaced, " a friend of Lord Weinstock is quoted as telling the Mail on Sunday.

BBC: Marconi braced for takeover bids

He finished the meeting on a high, too, with victory on the late Lord Weinstock's Islington in the Group One Vodafone Nassau Stakes on the final day.

BBC: Kieren Fallon

Lord Weinstock, who spent 33 years building up GEC, which was later renamed Marconi, and still boasts considerable influence at the firm is said to be "extremely angry" at the company's fall from grace.

BBC: Marconi braced for takeover bids