Just one year after being appointed to the post, Lucent Technologies Inc. Chief Financial Officer Deborah Hopkins is leaving the company "to pursue other opportunities," according to a statement released by the company on Sunday. Hopkins will be replaced by Frank D'Amelio, formerly the group president of Lucent's Switching Solutions Group, the company said.
"Hopkins is leaving the company to pursue other opportunities now that Lucent's turnaround plan is well underway and the required financing to execute that plan is in place," the statement said.
Janet Davidson, formerly Lucent's group president of InterNetworking Systems, has taken over D'Amelio's responsibility for the Switching Solutions Group, which has been combined with the InterNetworking Systems Group, the company said.
Lucent has faced tough times in recent months, including financial troubles, layoffs and an accounting investigation by the U.S. Securities and Exchange Commission. Lucent also saw two employees arrested on May 3 for attempting to steal the source code for the company's PathStar system, which has the ability to send voice and data services over the Internet and which accounted for US$100 million in revenue for the company in 2000. In March, J.P. Morgan and Co. Inc. and Salomon Smith Barney Inc. gave Lucent a financial lifeline, extending US$6.5 billion in credit to the struggling networking company.