Lucent CEO ousted, they warn again. This will probably put the bottom in
Market Pulse
Last Update: 8:15 AM ET Oct 23, 2000:
Monday, October 23, 2000
LU ousts McGinn, lowers Q1
--8:15 am - By Michael Baron
Lucent Technologies (LU: news, msgs) named Henry Schacht chairman and CEO, replacing Richard McGinn in both positions. In addition, the company said it expects breakeven results for the first quarter with a decline of about 7 percent in pro forma revenue from continuing operations. Lucent expects sequential improvement in operating results for the rest of the fiscal year. Analysts polled by First Call were looking for a first-quarter profit of 23 cents a share. The company also said it plans to release fourth-quarter results after the closing bell Monday. In addition, Lucent confirmed plans to continue the spin off of its microelectronics business and sell its power systems business. Schacht had served as chairman and CEO of Lucent from 1995 to 1997. Most recently, he was chairman of Avaya (AV: news, msgs), which was recently spun off from Lucent. Shares of the Murray Hill, N.J., telecommunications firm closed Friday at $22.63, down 3.5 percent.
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