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Lucent names CEO
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January 7, 2002: 7:30 a.m. ET
Ailing equipment maker taps Patricia Russo as new president and CEO.
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No bonuses for Lucent execs - Dec. 28, 2001
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NEW YORK (CNN/Money) - Lucent Technologies Inc. Monday tapped Eastman Kodak Co.'s president, Patricia Russo, as its president and chief executive officer.
Russo, who will leave Kodak after only eight months, worked for 20 years at AT&T and Lucent, which AT&T spun off in 1996. While at Lucent, she most recently served as the head of the division for its largest customers.
Russo will likely stick to the aggressive restructuring plan initiated by Lucent's chairman and interim chief executive, Henry Schacht, who replaced Richard McGinn in Oct. 2000.
"Henry and the team have put in place and are implementing a solid, credible plan for turning this business around," Russo said in a statement. "Lucent and this industry have always been a home to me and I look forward to working with this team to accelerate the execution of our plan."
Under Schacht, the telecom equipment maker spun off or sold several operating units and cut its 106,000 workforce nearly in half. Schacht says the plan will return the company to profitability in fiscal year 2002.
Schacht and other top executives also passed on bonuses last year after posting a loss of $16.2 billion in fiscal year 2001, according to filings with the Securities Exchange Commission.
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In the statement, Schacht said he will remain on as chairman "as long as I can be helpful, but I can't envision the timeframe being any longer than a year."
Eastman Kodak, which is having problems of its own as it adapts to the competitive digital photography market, said its chairman and chief executive, Daniel A. Carp, will reassume the role of president and chief operating officer vacated by Russo.
Shares of Lucent (LU: Research, Estimates) fell 11 cents to $6.99 in before-hours trading on Instinet Monday after adding 17 cents Friday.
Shares of Eastman Kodak (EK: Research, Estimates) shed 28 cents to close at $28.89 Friday. 
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