AlcaLu Board Backs Russo

The board of Alcatel-Lucent (NYSE: ALU) has issued a public statement of support for the vendor's CEO, Pat Russo, following media reports that her job is on the line. (See Tough Month Ahead for AlcaLu's Russo.)

The statement, issued at 3 p.m. Eastern Time today, states: "Recent reports in the news concerning a Board meeting at Alcatel-Lucent have led to mischaracterized interpretations and erroneous speculations."

It continues: "While clearly disappointed in the most recent changes in the company’s outlook, the Board supports Pat Russo and the leadership team, and the efforts they are making to adapt the company’s plans in light of this year’s developments."

Some media reports suggested that Russo was considering her position at the company, while others suggested a swift turnaround was needed for the CEO to keep her job.

The statement adds that it will be reviewing a revised plan of action at the end of this month. "The Board will review the plan to be developed by Management during the next scheduled Board meeting on October 30th prior to the release of our Q3 results."

The statement ends with a reiteration of support for Russo. "The Board reiterated its confidence in the strategic direction taken with the merger of Alcatel-Lucent, the future potential of the company and said it will continue to work with the company’s leadership team to enhance value for shareholders, employees and customers worldwide."

— Ray Le Maistre, International News Editor, Light Reading

OldPOTS 12/5/2012 | 3:01:36 PM
re: AlcaLu Board Backs Russo The heat must be getting hotter in the kitchen.

turing 12/5/2012 | 3:01:36 PM
re: AlcaLu Board Backs Russo I guess now we know where the former Iraq Information Minister is currently employed.

For other statements of his, visit:
tm1_queen 12/5/2012 | 3:01:35 PM
re: AlcaLu Board Backs Russo Shareholders and BOD are in denial... they still support Pat!
Someone has to start thinking that Tchuruk in his rush to merge with LU overpaid a little:-)
Both have to go... ALU will be better off without them
bollocks187 12/5/2012 | 3:01:34 PM
re: AlcaLu Board Backs Russo
An investor lS is coming if things do not turn around.

The BoD was part of the deal to merge so they are guilty and must support Pat. Any wavering would admit the merger was a bad deal.
bollocks187 12/5/2012 | 3:01:33 PM
re: AlcaLu Board Backs Russo Stevery,

Good point. The problem with the BoD is they react and ride whatever wave is coming in or out -dead bodies "bloated floaters"

Stevery 12/5/2012 | 3:01:33 PM
re: AlcaLu Board Backs Russo Any wavering would admit the merger was a bad deal.

Nobody could be possibly be so stupid as to still think it was a good deal. Certainly not the BoD.

I'd have to guess that one of the Lucatel PR folk

1. took a statement of support of Carly by the HP BoD
2. Translated it into french using google,
3. Translated it back into english using google,
4. Cleaned it up.

The board has to start worrying about their own cushy positions. You can't look at the merger results to date and think, Oh these are just growing pains.

So standard operating procedure is to express support and quietly discuss who is next, "Just in case."
delphi 12/5/2012 | 3:01:29 PM
re: AlcaLu Board Backs Russo The HP example is so timely.

The French were telling Marie A everything was fine during her walk to the square.

She is paying the price for Serge's ego and misjudgement. Both need to go.
Sign In