Alcatel-Lucent named its new top management team today as Philippe Camus, a former key executive at planemaker Airbus's parent EADS, and Ben Verwaayen, the former head of British Telecom.
The telecoms company said in a statement that Mr Camus, a senior partner at French media group Lagardere, would replace Serge Tchuruk as non-executive chairman, while Mr Verwaayen would take over as chief executive replacing Patricia Russo, who was ousted along with Mr Tchuruk in July.
Alcatel has issued a string of profit and sales warnings and seen its market value melt more than 60 per cent since it started operating as a combined business in December 2006 following Alcatel's purchase of Lucent of the US
Alcatel-Lucent shares closed at €4.30 yesterday, valuing the group at €9.98 billion. The stock, which has gained 30 per cent since mid-July, is still down 13 per cent since the start of the year.
Reuters