MURRAY HILL, N.J.-Lucent Technologies Inc. Chairman and Chief Executive Officer Patricia Russo received a $3.24 million bonus for fiscal-year 2003, ended Sept. 30, according to recent filing the with the Securities and Exchange Commission.
Russo was paid a base salary of $1.2 million for the year. In 2002, Russo’s $887,692 salary was met with a $1.8 million bonus. This year, unlike 2002 or 2001, other company officers also received bonuses, all above $1.1 million. Furthermore, Lucent, which regained profitability in 2003, plans to reward all of its 34,500 workers with bonuses averaging approximately 90 percent of their potential bonus targets, to be paid this month, a spokesman told Reuters.
Despite the positive news, it appears the company is not out of the woods yet. Lucent also said in its SEC filing it is seeking approval to amend its previously announced plans to implement a reverse stock split of Lucent common stock.
The company was given permission a year ago to effect a reverse stock split, but has not yet done so. “Timing has not yet been appropriate to effect the reverse stock split in a manner that would be beneficial to the long-term value of Lucent common stock with the least amount of adverse impact on the short-term value,” the company said. The previous approval for a reverse stock split expires Feb. 19, 2004.
The company is now seeking a reverse stock split based on one of four ratios: one-for-five; one-for-10; one-for-20; or one-for-30. The option to implement the amended reverse stock split would expire Feb. 19, 2005.
