Lucent Technologies Inc. named Patricia F. Russo to be the company's new president and chief executive officer (CEO) Monday. Russo started work at Lucent in 1981 while it was still part of AT&T Corp., but left nine months ago to become president and chief operating officer of Eastman Kodak Co.
Russo will oversee the restructuring begun by Henry Schacht, current president and chief executive officer, as the company adjusts to radical structural changes forced by losses in a weaker economy. Schacht plans to remain Lucent's chairman for an interim period expected to be no longer than a year.
Lucent spun off its microelectronics business Agere Systems Inc. in April, cut its own product portfolio and eliminated many manufacturing facilities by outsourcing production to contract manufacturers or closing facilities altogether. Lucent cut about 39,000 jobs from the 106,000-strong work force last year and may cut its staffing numbers by another 15,000 to 20,000 workers, according to filings with the U.S. Securities and Exchange Commission.
Before leaving Lucent, Russo was executive vice president and CEO of the company's service provider networks division -- the business unit producing equipment for telephone companies and Internet service providers. This division is planned to become Lucent's core operating business with its restructuring, Lucent said in a statement.