Lucent ousts boss after more losses

The board of directors at troubled telecoms vendor Lucent has ousted chief executive Richard McGinn after another poor quarter.

Network News, Network IT Week 01 Nov 2000

The board of directors at troubled telecoms vendor Lucent has ousted chief executive Richard McGinn after another poor quarter. The company last week posted its fourth profit warning of the year.

Interim boss Henry Schacht has promised to find a permanent figurehead quickly. The major overhaul Lucent clearly needs will be a huge job for whoever takes over.

In a year in which rivals Ciena, Nortel, Juniper and Foundry Networks have posted huge revenue growth, Lucent has seen its stock drop by about 75 per cent.

Lucent recently spun off Avaya, its corporate networking arm, and is also restructuring to bring down costs.

The company wants a share of the market for high-end internet equipment that Cisco and Juniper dominate, but has yet to come up with a competitive offering.

See also:

Lucent replaces Schacht with Pat

Patricia Russo returns to take over the reins 08 Jan 2002

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Lucent ousts boss after more losses

The board of directors at troubled telecoms vendor Lucent has ousted chief executive Richard McGinn after another poor quarter.