Alcatel CEO to resign following 1.4-bn loss [Financial Express (India)]
(Financial Express (India) Via Acquire Media NewsEdge) Telecom equipment maker Alcatel-Lucent said its chief executive was leaving after it swung to a net loss of 1.37 billion ($1.85 billion) for 2012, hit by lower sales in Europe and China and a writedown of its wireless and optics businesses. CEO Ben Verwaayen said the company needed a new leader to complete its turnaround when his mandate ends in May. "If you look at the task at hand, it is focused on execution," said the Dutch-born executive. "Looking in the mirror, I felt maybe that's not my natural strength, and maybe it will be good for the company to get fresh perspective."
The group, which was formed in a merger in 2006, said it would look for a successor internally and externally, and gave no timetable for the appointment. Since arriving in September 2008, Verwaayen has been unable to deliver on his pledge to return the group to "normal", with steady cash flow and profit.
Copyright 2013 The Indian Express Online Media Pvt. Ltd., distributed by Contify.com
(c) 2013 The Indian Express Online Media Pvt. Ltd., distributed by Contify.com
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