DALLAS-Lucent Technologies Inc.’s board of directors has announced that president and chief executive officer Patricia Russo will replace Henry Schact as chairman of the company.
“Over the past year, Pat has been dedicated to serving our customers and helped raise customer satisfaction to the highest levels we have seen in years,” said Schact, who indicated he will step down when Russo was appointed CEO.
The vendor also said 72 percent of the shareholders voted in favor of its reverse split option proposed in the previous quarter.
In addition, the company reiterated its goal to return to profitability, expecting more than $2 billion in cash by the end of this fiscal year.
“While I wouldn’t call a “bottom” to the market right now, there are signs that the market is moving toward stability, which is a necessary first step to recovery,” said Russo at the company’s annual shareholder’s meeting being held this week in Dallas.
