- Related Stories
-
Lucent gave new CFO $4 million signing bonus
August 7, 2000 -
Lucent loses court bid against former employees
August 1, 2000 -
Lucent snaps up high-speed Net firm for $1.3 billion
July 25, 2000
Today, Patricia Russo, executive vice president and head of the Service Provider Networks group, left the company to pursue other opportunities, according to a statement issued by Lucent.
Also today, Lucent CEO Richard McGinn announced that he is commencing a search for a chief operating officer.
In the past few months, Lucent has been working to spin off a number of its technology divisions to concentrate more on the fast-growing broadband Internet access market.
As part of the company's effort to gain ground in the broadband market, McGinn said he will "begin a search for a chief operating officer who will work with me, Debby Hopkins and our other senior team members to make Lucent the most competitive company in this exciting industry," according to the statement.
Last week, Harry Bosco, president of Lucent's optical business, announced his retirement shortly after the company disclosed a reorganization of that unit.
In related news, Lucent was rated "market perform" in new coverage by analyst Lissa Bogaty at Donaldson Lufkin & Jenrette. The 12-month target price is $50 per share. Shares of Lucent closed down 38 cents at $42.06 in yesterday's trading.
