Alcatel-Lucent's (ALU) board has selected a new chairman and a new CEO, according to a published media report.

The board has picked Philippe Camus, the former co-CEO of European aerospace company EADS, to be chairman,

The Wall Street Journal

reported Monday, citing people familiar with the situation.

The choice for CEO is former

BP

(BP) - Get Report

boss Ben Verwaayen, the

Journal

also reported, citing one person familiar with that selection.

Alcatel-Lucent could announce the new appointments as early as Tuesday morning, the

Journal

said, adding that a company spokeswoman had no comment.

The French-U.S. telecom equipment maker has seen its stock price slump since it was created by the merger two years ago of Alcatel and Lucent. It has suffered from internal cultural tension as well as stiff competition from Asian rivals, the

Journal

noted. In late July the board decided that current chairman Serge Tchuruk and current CEO Patricia Russo needed to go.

Alcatel-Lucent shares closed Friday down 25 cents at $6.18.

The U.S. stock market was closed Monday in observance of Labor Day.

This article was written by a staff member of TheStreet.com.