Chairman of Lucent is ousted by board after profit erosion

Article Abstract:

Telecommunications maker Lucent Technologies Inc.'s board of directors has ousted Chairman and CEO Richard A. McGinn. His replacement is former CEO Henry Schacht who will fill the post temporarily and will help search for a new CEO. Schacht has had to resign as Avaya Inc.'s chairman. During McGinn's three-year tenure Lucent's shares have lost value and each quarter so far in the year 2000 the company has had to revise earnings expectations downward. Lucent's revenue for its 2001 fiscal first quarter which ends in Dec. will be $7.9 billion, down seven percent from last year.

Executive changes & profiles, Human resource management, Corporate directors, Company personnel management, McGinn, Richard A., Schacht, Henry

---

Financial officer of Lucent is ousted after brief tenure

Article Abstract:

Lucent Technologies Inc. has dismissed Deborah C. Hopkins, its chief financial officer. Ms. Hopkins had been hired by by Richard A. McGinn , their chairman and CEO, who was ousted by the board in October. The company has suffered large losses and is trying to raise cash by restructuring and selling parts of its business. Ms. Hopkins will be replaced by Frank D'Amelio, the head of Lucent's switching division group.

Hopkins, Deborah C., D'Amelio, Frank, Davidson, Janet

---

Lucent's books said to draw the attention of the S.E.C

Article Abstract:

The S.E.C. has subpoenaed a former executive of Lucent Technologies in a formal investigation of Lucent's accounting practices. the probe is likely to cover the year through September 30, 2000. Almost a dozen lawsuits have been filed against the company recently.

Accounting and auditing

Similar abstracts:

• Abstracts: Impatient P&G ousts Jager. GE posts record profit; Welch sets retirement date. From emperor to outcast
• Abstracts: Companies are sold on interactive ad strategy. Union future at stake in actor strike. Star power cranks up heat on ad industry during strike
• Abstracts: PeoplePC finds niche in corporate sales. Cisco sales rise 66%, as profits exceed expectations. Days of plenty are over at free Internet services
• Abstracts: Hughes Electronics recasts itself as a media company. Disney Chief Rules Out Board Position. Ovitz Queried On Expenses In Lawsuit Against Disney

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.