AlcaLu CEO Search Update

6:15 AM -- Former BT Group plc (NYSE: BT; London: BTA) CEO Ben Verwaayen has reportedly turned down the chance to be the next CEO of Alcatel-Lucent (NYSE: ALU). (See Russo, Tchuruk Out at Alcatel-Lucent.)

According to a report in The Wall Street Journal, Verwaayen, long considered a frontrunner to replace Pat Russo in the AlcaLu hot seat, has rejected an initial approach from the giant vendor, which has just reported its sixth consecutive quarter of losses. (See Is AlcaLu Seeking a New CEO? and AlcaLu's Q2 Dragged Down by CDMA.)

Russo is remaining as CEO until a successor is found, though she will not stay on beyond the end of 2008. A number of potential replacements have been identified in media reports, most of whom are French, though The Wall Street Journal has added Comcast Corp. (Nasdaq: CMCSA, CMCSK) COO Stephen Burke to the list of prospective candidates. (See Who Will Replace Russo? and Burke Sizes Up Telcos, Content Opportunities .)

AlcaLu's share price currently stands at €4.03, up 3.6 percent today.

— Ray Le Maistre, International News Editor, Light Reading

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