BREAKING NEWS

BREAKING NEWS

Alcatel-Lucent dumps top executives

Now Reading:

Alcatel-Lucent dumps top executives

Text size Aa Aa

The telecoms company Alcatel-Lucent is ditching both its chairman Serge Tchuruk and chief executive, Pat Russo, to try to preserve the fragile merger which brought together the French and American firms in 2006.

The news came as the company announced net losses of 1.1 billion euros for the April to June quarter, though adjusted operating profits of 93-million euros were slightly higher than expected.

The company has been losing market share, and has issued a series of profit warnings.

The merger was meant to catapult the telecoms equipment maker into competition with the likes of Nokia Siemens, Ericsson and Nortel.

But Lucent had been heavily involved in the American form of digital mobile-phone technology, which lost out as the european GSM standard became the worldwide norm.

Pat Russo will leave with a golden handshake of around 6-million euros.