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Wed, Jul 30, 2008 - Page 10 News List

Alcatel-Lucent’s CEO, chairman to quit later this year

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Alcatel-Lucent SA, the world’s largest supplier of fixed-line phone networks, said chief executive officer Patricia Russo and chairman Serge Tchuruk quit after the sixth straight quarterly loss.

The net loss widened to 1.1 billion euros (US$1.7 billion), or US$0.49 a share, from 586 million euros, or US$0.26, a year earlier, the company said in an e-mailed statement yesterday. Analysts predicted a loss of 135 million euros, the median of eight estimates compiled by Bloomberg News.

Russo and Tchuruk were the architects of Alcatel SA’s purchase of Lucent Technologies Inc, creating a company that has never earned a profit. Russo hasn’t said when she expects the losses to end.

“It is now time that the company acquires a personality of its own, independent from its two predecessors,” Tchuruk said.

He will resign on Oct. 1, while Russo will step down by the end of the year.

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