Lucent Replaces McGinn as CEO, Chairman

MURRAY HILL, N.J., Oct. 25 -- Lucent Technologies has decided to name Henry Schacht as its new chairman and CEO. Lucent's board decided to replace Richard McGinn, Lucent's previous head, on the heels of a review of Lucent's current performance and outlook for the quarter. Pro forma revenue from continuing operations for the current quarter will most likely decline about 7 percent, the company said, and pro forma earnings per share from continuing operations should stay the same.
This was a difficult decision made after considerable deliberation, said Franklin Thomas, Lucent's senior director, representing Lucent Technologies' board. Rich has made significant contributions to Lucent over the past five years as he focused the company on the growth markets and key technologies that would ensure its future prosperity. However, the board felt a different set of skills was required at this point in the company's life.