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LUCENT NAMES NEW CEO: AS AT&T LOOKS TO HAVE LOST C&W’S BROWN

In a move that could hardly differ more from the trials of its former parent AT&T Corp to name a new CEO, Lucent Technologies says its president and chief operating officer, Richard McGinn, is to be the company’s new chief executive officer, effective immediately. McGinn succeeds Henry Schacht, who along with McGinn has led the company since its spin-off from AT&T Corp a year ago. Schacht will continue as chairman, the company said. According to Lucent, Schacht will assist McGinn in the transition. Lucent has not named a replacement for the president and COO positions left vacant by the changes. Meanwhile, as AT&T continues to search for a replacement for Robert Allen after its first choice president and COO John Walters left the company in July following the company’s failure to move him into the CEO position. One name that has been linked with the vacant position at AT&T has been Richard Brown, currently CEO at Cable & Wireless Communications Plc, however, according to reports Brown now looks an unlikely candidate. A new bonus package, awarded a to deter him from moving to AT&T could earn him up to 2.7m pounds ($4.3m) per year, according to CWC sources reported in the Daily Telegraph. The package entitles Brown to a bonus of 780,000 pounds, representing 120% of his 650,000 pound salary, after three years, with additional bonus payments and incentive plans, the paper said.

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CBR Staff Writer

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