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|GEC Renamed Marconi Corporation plc|
In November 1999, GEC was renamed to Marconi plc when Marconi was listed on the London Stock Exchange. GEC marketed PAL-format CED players in the United Kingdom under the GEC McMichael name brand in 1983 and 1984. This has a tie-in to RCA, as David Sarnoff went to work for American Marconi in 1907 and quickly rose through the ranks. The founder of the company and inventor of wireless Guglielmo Marconi was a mentor to Sarnoff during these years and beyond and had a lot to do with his drive for technical innovation at RCA. In 1919 General Electric arranged to purchase American Marconi and in a joint venture with AT&T, United Fruit, and Westinghouse, transformed it into Radio Corporation of America. Sarnoff started as commercial manager at RCA (same as his final post at Marconi) and continued his rise through the ranks. He had the prescience to sell all his stock in June 1929, while RCA chairman Owen D. Young lost millions in the crash of October 1929. These events led to the resignation of Young, with Sarnoff assuming the top position in 1930. Guglielmo Marconi spent his later years doing microwave research, and returned to his native Italy in 1935. He passed away there in 1937.