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Technology Stocks : Lucent Technologies (LU) -- Ignore unavailable to you. Want to Upgrade?

To: Techplayer who wrote (16832)	10/18/2000 8:32:25 AM
From: Georgeb	Read Replies (3) \| Respond to of 21876

TP, McGinn as CEO of Micro? Don't even say that out loud! :-) You probably saw this, but here is the news release appointing John Young as CEO: FOR RELEASE TUESDAY OCTOBER 3, 2000 MURRAY HILL, N.J.- Lucent Technologies (NYSE:LU) today announced that John Young, former President and CEO of Hewlett-Packard and current member of the Lucent board of directors, will become chairman of the company's Microelectronics business, which will be spun off into a separate company next year. Young, 68, led Hewlett-Packard from 1978 to 1992 and has been a member of its board since 1974. He has served as a Lucent board member since 1996. "John brings broad experience in the high-tech industry and considerable stature in the business and financial communities," said Lucent Technologies Chairman and CEO Richard McGinn. "His keen insight and business acumen have been a great asset to Lucent and will be invaluable as the Microelectronics unit sets off on its own course." On July 20, Lucent announced it will spin off its Microelectronics Group, the world's leading supplier of integrated circuits and optoelectronic components for communications devices. It plans an initial public offering (IPO) for up to 20 percent of the new company and intends to spin off the remaining shares in a tax-free distribution to shareowners. The IPO should take place by the end of the first calendar quarter of 2001, and the spinoff should be completed by the summer of 2001. John Dickson, executive vice president and chief executive officer of Lucent's Microelectronics and Communications Technologies group, was previously named president and chief executive officer-designate of the new company. "I am delighted to have the rare opportunity to join a start-up that is already a world leader in its field," said Young. "I am looking forward to working with John Dickson and his team to launch a new company in one of the most exciting spaces in the semiconductor industry - the converging markets for photonics and electronics in devices for next-generation networks." Young will continue to serve on the Lucent board. Under Young's leadership, Hewlett-Packard developed from its instrumentation roots to become a major force in the computer and printer industries. The company also earned a worldwide reputation for quality and productivity during his tenure. In addition to his positions on the boards of Lucent, Chevron Corp. and Affymetrix, he currently serves as vice chairman of Novell Inc. and Smithkline Beecham plc. He was the founding chairman of the board for Smart Valley, Inc., a non-profit corporation formed in 1993 to create an electronic community in Silicon Valley.