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Lucent CEO looks ahead
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October 7, 1997: 7:04 p.m. ET
Richard McGinn thinks Wall Street is responding to company's approach
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NEW YORK (CNNfn) - Shares of Lucent Technologies Inc. have more than doubled their value in the past year, and the company's new chief executive, Richard McGinn, thinks it shows Wall Street has faith in the AT&T spinoff.
"I think we're doing a lot of things well, and I think it's been received well on the street," McGinn told CNNfn's "Street Sweep."
In the past year, the stock price has risen from a low of 42 to a high of 90-3/4. The stock (LU) closed Tuesday up 2-13/16 at 88-7/8 on the New York Stock Exchange.
McGinn was appointed to the top post on Monday after serving as chief operating officer for two years. He replaced Henry Schacht, who held onto the job of chairman.
McGinn described the fast-paced transformation from AT&T to Lucent, with a busy series of sales and acquisitions. (228K WAV) or (228K AIFF)
"The way we look at ourself is a set or series of hot little companies that are coming together to form Lucent … each focused on its technologies and products," McGinn said.
In July, the company acquired Octel Communications, a Silicon Valley messaging services company, for $1.8 billion. Lucent merged its consumer communications products unit with Philips Electronics in June.
The Octel acquisition has evolved differently than most, McGinn said. Rather than have Octel employees adopt Lucent methods, Lucent is learning from Octel's entrepreneurial approach.
"We're thrilled how we're working together," McGinn said. "It's a great way for us to both learn and to take advantage of the combined efforts of both firms."
The Philips transaction will help Lucent win better brand recognition, he added. "That's one of the strengths Philips brings," McGinn said. "They have broad distribution capabilities for retail products." 
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