In the face of dire profit warnings, the board of directors of Lucent Technologies Inc. has replaced chairman and CEO Richard McGinn with Henry Schacht, who had the top job at the company from 1995 to 1997.
In March, Schacht, 66, was named chairman of Lucent’s spinoff company, Avaya Inc., a post he will now relinquish though he will remain on Avaya’s board of directors, Lucent said in a statement Monday.
On Oct. 11, Lucent revised profit estimates downward for its fiscal 2000 fourth quarter from US24 cents per share to between 17 cents and 18 cents per share and said revenue for the quarter, which ended Sept. 30, will be in line with previous estimates of between $9.3 billion and $9.4 billion.
For fiscal 2000, Lucent expects overall profit to be 10 per cent to 11 per cent lower than in 1999, on revenue approximately 14 per cent higher.
Lucent will continue with its plans to spin off its microelectronics business and to sell its power systems business, the company said in Monday’s statement.
Lucent also announced it will release its fourth fiscal quarter 2000 results after the close of the New York Stock Exchange at 4 p.m. EDT Monday.
Lucent Technologies, in Murray Hill, N.J., can be reached at http://www.lucent.com/.
