Alcatel-Lucent's new CEO Michel Combes is expected to accelerate the company's €1.25 billion cost-cutting plan, which includes 5,500 job cuts, a labour union source told Reuters .
Alcatel-Lucent named Michel Combes, a former CEO of Vodafone Europe, as its new CEO, charging him with returning the company to consistent profitability after the tumultuous tenure of Ben Verwaayen, who announced earlier this month he would step down.
Alcatel-Lucent on Friday named Michel Combes as the company's new CEO, taking the reins from Ben Verwaayen, who announced earlier this month that he would step down amidst ongoing financial struggles. He will begin on April 1.
Alcatel-Lucent named Michel Combes as its new CEO. The Frenchman, best known for navigating Vodafone's European operations through the financial crisis, will take over the CEO role starting April 1, and will replace Ben Verwaayen, who announced earlier this month he would step down.
The resignation of Alcatel-Lucent's CEO Ben Verwaayen has heightened the urgency to find a successor. According to a Bloomberg report, which cited unnamed sources, Alcatel-Lucent board members have not attracted much interest in the position after discretely contacting potential candidates over the past six months.
Alcatel-Lucent CEO Ben Verwaayen will step down from the struggling network equipment vendor. The news essentially puts a period on Verwaayen's attempts to turn around Alcatel-Lucent in the highly competitive network infrastructure market.
Alcatel-Lucent CEO Ben Verwaayen, who came to the struggling vendor in 2008 with the goal of turning around its financial fortunes, announced on Thursday he is stepping down.
Alcatel-Lucent secured €1.6 billion in loan financing that it hopes will provide it with enough time to cut costs and get its balance sheet under control.
After weeks of speculation about how it would bolster its finances, Alcatel-Lucent said it is receiving a $2.1 billion loan from investment banks as the vendor looks to sell assets and cut costs.
Alcatel-Lucent reported weaker sales and a wider net loss in the third quarter, as executives said the company was considering asset sales to bolster its balance sheet.