Lucent replaces CEO and chairman

In the face of dire profit warnings, the board of directors of Lucent Technologies Inc. has replaced chairman and CEO Richard McGinn with Henry Schacht, who had the top job at the company from 1995 to 1997.

In March, Schacht, 66, was named chairman of Lucent’s spinoff company, Avaya Inc., a post he will now relinquish though he will remain on Avaya’s board of directors, Lucent said in a statement Monday.

On Oct. 11, Lucent revised profit estimates downward for its fiscal 2000 fourth quarter from US24 cents per share to between 17 cents and 18 cents per share and said revenue for the quarter, which ended Sept. 30, will be in line with previous estimates of between $9.3 billion and $9.4 billion.

For fiscal 2000, Lucent expects overall profit to be 10 per cent to 11 per cent lower than in 1999, on revenue approximately 14 per cent higher.

Lucent will continue with its plans to spin off its microelectronics business and to sell its power systems business, the company said in Monday’s statement.

Lucent also announced it will release its fourth fiscal quarter 2000 results after the close of the New York Stock Exchange at 4 p.m. EDT Monday.

Lucent Technologies, in Murray Hill, N.J., can be reached at

Would you recommend this article?


Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.

Jim Love, Chief Content Officer, IT World Canada

Featured Download

Related Tech News

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.

Featured Reads