Alcatel (ALU) to Halve, Consolidate Executive Positions in EUR 1.25B Cost-Savings Effort
Tweet Send to a FriendGet Alerts ALU Hot Sheet
Up)
Trade ALU Now!
Alcatel-Lucent (NYSE: ALU) shares are up on the session following a shift in its management structure.
Announced earlier, Alcatel Chief Financial Officer Paul Tufano will assume the role of Chief Operating Officer. Networks chief Philippe Keryer will also assume additional roles.
Overall, Alcatel said it is looking to trim its executive team in half while accelerating efforts to pare back unprofitable contracts, consolidate management, and solidify back-office operations.
The moves are part of a cost-cutting effort announced in July, whereby Alcatel is looking to reduce expenses by €1.25 billion by the end of 2013. The effort includes reducing headcount by 5,000 and the exiting or restructuring of unprofitable markets.
Shares are up 1.7 percent Monday afternoon.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Announced earlier, Alcatel Chief Financial Officer Paul Tufano will assume the role of Chief Operating Officer. Networks chief Philippe Keryer will also assume additional roles.
Overall, Alcatel said it is looking to trim its executive team in half while accelerating efforts to pare back unprofitable contracts, consolidate management, and solidify back-office operations.
The moves are part of a cost-cutting effort announced in July, whereby Alcatel is looking to reduce expenses by €1.25 billion by the end of 2013. The effort includes reducing headcount by 5,000 and the exiting or restructuring of unprofitable markets.
Shares are up 1.7 percent Monday afternoon.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- UPDATE: Intuitive Surgical (ISRG) Jury Reaches Positive Verdict in Robot Case; Shares Rise
- Microsoft (MSFT) wins case brought by Google's (GOOG) Motorola unit over Xbox - Bloomberg
- UPDATE: Crash in American Electric Power (AEP) & NextEra Energy (NEE) Adds to Jitters
Create E-mail Alert Related Categories
Insiders' Blog, Management Changes
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
