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Verwaayen Quits as Alcatel-Lucent CEO

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Light Reading
2/7/2013
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PARIS -- Alcatel-Lucent (Euronext Paris and NYSE: ALU) announced today that CEO, Ben Verwaayen, has decided not to seek re-election as a director at this year’s Annual General Meeting, and will step down as CEO once a successful transition has been executed. Philippe Camus, Chairman of the Alcatel-Lucent Board, said “After due reflection, the Board has accepted Ben’s decision to step down as CEO.” “Over the last few years, Ben has set a new direction, created one company out of two, and has recently seen through the completion of the stabilisation of the company’s balance sheet, enabling us to move forward with confidence.” He added, “the Board wishes to record its thanks to Ben, and will take full advantage of him remaining in the role as CEO whilst the Board runs a full and independent process to find a successor, looking at both internal and external candidates.” A search committee, chaired by Daniel Bernard and comprising Philippe Camus, Louis R. Hughes, Jean C. Monty and Jean-Cyril Spinetta, will monitor the process. Ben Verwaayen said, “Alcatel-Lucent has been an enormous part of my life. It was therefore a difficult decision to not seek a further term, but it was clear to me that now is an appropriate moment for the Board to seek fresh leadership to take the company forward.” “I have therefore informed the Board that I will not seek re-election at the Annual General Meeting, and I will work with them openly and fully as they complete a succession process.” He added “The combination of our recent refinancing and the implementation of our restructuring plan will put the company on a secure footing for the successor the Board will seek to appoint.” Alcatel-Lucent

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IPGambit
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IPGambit,
User Rank: Light Beer
2/8/2013 | 1:28:54 AM
re: Verwaayen Quits as Alcatel-Lucent CEO
Wonders why Private Equity has not picked them up yet to restructure and refloat the company
st0
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st0,
User Rank: Light Beer
2/7/2013 | 11:24:36 PM
re: Verwaayen Quits as Alcatel-Lucent CEO
Ha, may be M. Armstrong should be back to save the day. -
-- - - - st
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