Officials at Lucent Technologies said on Tuesday that Lucent is proceeding with the spinoff of its enterprise networking group that was announced in March.
The new company will be called Avaya, pronounced uhv-EYE-uh, according to Murray Hill, New Jersey-based Lucent.
Henry B. Schacht, 65, former chairman and CEO of Lucent Technologies and former CEO of Cummins Engine, is chairman of the new company. Donald K. Peterson, 50, former executive vice president and chief financial officer at Lucent, is president and CEO.
The spinoff will be completed by September 30, Lucent officials said.