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Alcatel Lucent Shakeup

CEO Pat Russo stays on, but two other execs leave.

Alcatel Lucent (ALU) is reshuffling its top ranks, as two key executives depart.

COO Frank D'Amelio has left the communications equipment giant to take the

top finance job at drugmaker

Pfizer

(PFE) - Get Pfizer Inc. Report

. And Alcatel Lucent president Mike Quigley has "decided to leave the company and return to Australia," the company said in a press release.

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Both executives were widely seen as likely successors to Pat Russo for the top job at the Paris-based tech shop.

Russo thanked D'Amelio and Quigley for their efforts in bringing Alcatel and Lucent's operations together over the past year.

"When we announced the merger of Alcatel-Lucent we acknowledged the breadth and depth of the senior management team and we anticipated that there would be an evolution in leadership responsibilities, which is natural," Russo said in a press release.

Etienne Fouques, who had reported to Quigley, will now lead the company's tech and strategy unit and oversee the services group.

Also moving up the ladder, Michel Rahier was given charge of the company's telecom business, including wireless and so-called converged network gear.

Alcatel Lucent shares rose 22 cents, or 2%, $10.84.