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Electronics Production | July 29, 2008

Alcatel-Lucent: CEO Pat Russo to step down

Alcatel-Lucent announced changes to its leadership and Board of Directors. Chairman Serge Tchuruk and CEO Pat Russo will step down from their posts.
To pave the way for a fully aligned governance and management model going forward, the company announced the following changes to its management team and Board of Directors:

- Non-Executive Chairman Serge Tchuruk has decided to step down on October 1, 2008.
- CEO Pat Russo has decided to step down no later than the end of the year, and at the Board’s request will continue to run the company until a new CEO is in place to effect a smooth transition and maintain the continuity of the company’s business.
- The Board will commence a search for a new non-executive Chairman and CEO immediately.
- The Board is also initiating a process to change the composition of the Board to a smaller group that will include new members.

Now that the company has moved beyond the transitional phase of the merger, the Board has determined to restructure itself in a way consistent with the company’s needs going forward. As part of this process the Board will reduce the size of its membership over time while adding several new members with strong industry expertise. To initiate this process, Henry Schacht announced that he will resign from the Board immediately believing that, being a former CEO, he should not remain beyond the transitional stage of the merger. Mr. Schacht was the CEO of Lucent Technologies prior to Ms. Russo becoming CEO in January 2002.

Image Source: AFP

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