Alcatel-Lucent today posted a second quarter net loss of €1.1bn ($1.7bn), and announced CEO Patricia Russo and chairman Serge Tchuruk would step down by the end of 2008. The world’s largest telecoms equipment supplier’s hefty net loss for Q2 surpassed analyst expectations and far exceeded the €586m loss for the same period a …
Two wrongs don't make a right.
Their only hope was to have ditched the original names, for something snappy such as Lucatel or Alcacent.
Nice to see the top board members fleeing the sinking ship.
Paris 'cos she could do better.
A Touch of the Blarney
"Russo said that despite the telco’s glaring losses, she was pleased with the progress Alcatel-Lucent was making. However, she added she felt it was the right time to quit. “The company will benefit from new leadership aligned with a newly composed board to bring a fresh and independent perspective that will take Alcatel-Lucent to its next level of growth and development in a rapidly changing global market,” she said.
“The merger phase is now behind us,” said Tchuruk. “I am proud that Alcatel-Lucent has become a world leader in a technology which is transforming our society. It is now time that the company acquires a personality of its own, independent from its two predecessors. The board must also evolve and the chairman should give the first example, which I have decided to do.”
The French-American networking group, which has been undergoing a painful cost-cutting strategy to slash 4,000 global jobs in an attempt to pull the company out of the red, said in February that its outlook was bleak.®"
Yes, well, and black is the white. Russo and Tchuruk, the Eric and Ernie of Spotless Spin.
Buy a giant American (Bell Labs) patent portfolio. Sue everyone in sight for infringement. And they are still going bankrupt? How sad...
Wow! Paris REALLY can do better!
I used to work for Lucent. Well, actually I used to work for a very competitive and with PROFIT company. Morale was great, work was hard, but the payoff was the right money and happy customers.
Then Lucent came along and bought us. Oh yes, we still were "independant" but "you see, we are giving money to finance that e-company, and you should tell the client to spend all of it on Lucent gear." Now, mind you, Lucent gear used to work somewhat well. Not as good as Cisco, but was good stuff. Of course that gear was priced at list price.
Now guess what: Lucent gives money to fund the new company, new company leases Lucent gear, new company survives like 1 year, max 2, and you get the idea of how screwed up the whole operation was. Sales targets where reached, sales people where getting bonuses, the company got screwed big time.
I walked away before getting the pink slip, and I am glad of it: managed to get decent jobs anyhow, but a lot of my collegues have struggled.
So, to all the head honchos in Lucent: just leave. The company is dead: you killed it. Just go away. Thank you.
re: Wow! Paris REALLY can do better!
>So, to all the head honchos in Lucent: just leave. The company is dead: you killed it.
>Just go away. Thank you.
Seconded. I thought Patricia Russo would have been booted out years ago. Bet they're glad they got rid off the unprofitable Business Communications Unit that later sold for over 8 billion.
Wonder what the executives departure bonus will be?
time to quit, indeed.
" ... However, she added she felt it was the right time to quit."
Well, yes, minutes before the plane vertically hits the ground, it's time for the pilot and co-pilot, to jump out, with the only 2 parachutes available and leave the other stakeholders to appreciate the last moments. Bravo ! That's what I call corporate responsability ! </sarcasm>
As for Tchuruk, only for setting new records in auto-awarded options and salary, will he be reminded.
Snouts in the Trough
"announced CEO Patricia Russo and chairman Serge Tchuruk would step down by the end of 2008."...
... and return to their private Carribean islands in their platinum-plated sub-orbital stealth bizjets, to be waited on hand and foot by their minions, fed only on the finest organic lobster, caviar, whale meat and champagne until they hear of another major company in desperate need of a set of the Emporer's New Clothes and a suddeny misplacment of corporate "ethics" and funds.