Telecom equipment manufacturer
has been shaking up its management. But the efforts to get the company back on track aren't stopping there.
The Wall Street Journal
reported this morning that Lucent may end up with 10,000 fewer jobs, which represents 10% of the company's workforce.
The company yesterday continued to shake up its inner management, a move it said will help streamline the decision-making process. Vice Chairman Ben Verwaayen will be in charge of world-wide marketing, sales and services. And former executive vice president of corporate operations, Bob Holder, will head up Lucent's product organizations, manufacturing and supply chain management.
These executive changes and news about job cuts come two weeks after Lucent ousted its chief executive officer and said it beat already lowered earnings estimates. At the same time, Lucent also warned that it expected revenues from continuing operations to fall 7% in its first fiscal quarter and those operations to break even.
Lucent closed yesterday at $24.13, down from its 52-week high near $78.