Alcatel Lucent Boss Verwaayen Steps Down As Losses Mount

Alcatel-Lucent’s struggle to be profitable has led to the resignation of CEO Ben Verwaayen in the wake of disappointing fourth quarter 2012 figures from the telecoms hardware maker.

Verwaayen joined Alcatel-Lucent from BT in 2008 with the mission to turn around the fortunes of the loss-making company. His announced departure has prompted a search for a replacement but he will remain in his post until a successor is installed.

Verwaayen moves on

The company posted a loss of €1.37 billion (£1.17bn) in Q4 despite making a €868 million (£743m) profit in the equivalent quarter of the previous year. In 2011, Alcatel Lucent seemed to be making money for the first time since the French company Lucent was merged with US firm Alcatel but this appears to have been a temporary peak.

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