Alcatel (ALU) to Halve, Consolidate Executive Positions in EUR 1.25B Cost-Savings Effort
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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.
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.
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