Alcatel-Lucent NYSE:ALU sacks CEO
Alcatel-Lucent NYSE:ALU sacks CEO
CSCO, ERIC
Alcatel-Lucent S.A. sacked CEO Ben Verwaayen, why does not matter.
The company has lost so much market share that its shares trade near penny stock levels. The efforts at a turnaround have failed for years. In the spring of Y 2008, the stock hit 7.50.
Currently ALU trades just above $1.
Alcatel-Lucent has lost money in each of the past three years, on revenue that has been flat at about $21-B.
The successes of Cisco Systems Inc. NASDAQ: CSCO and Ericsson (NASDAQ: ERIC) have made growth at Alcatel-Lucent almost impossible. The company announced:
Alcatel-Lucent announced today that CEO, Ben Verwaayen, has decided not to seek re-election as a director at this year’s Annual General Meeting, and will step down as CEO once a successful transition has been executed.
Philippe Camus, Chairman of the Alcatel-Lucent Board, said “After due reflection, the Board has accepted Ben’s decision to step down as CEO.”
“Over the last few years, Ben has set a new direction, created one company out of two, and has recently seen through the completion of the stabilization of the company’s balance sheet, enabling us to move forward with confidence.”
LTNs Analysis for ALU: Overall Short Intermediate Long
Very Bullish (0.53) Bullish (0.28) Very Bullish (0.68) Very Bullish (0.62)
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