Lucent

(LU)

ended its lengthy and highly publicized CEO search Monday by luring back

Kodak

(EK)

president Patricia Russo for its top job.

Russo spent 19 years at former Lucent parent

AT&T

(T) - Get Report

before taking the Kodak job eight months ago. She succeeds Henry Schacht, who took over the CEO title at Lucent when Richard McGinn was dismissed in October 2000.

The 49-year-old Russo returns to Lucent in the midst of a big slump in telecommunications spending that has forced the Murray Hill, N.J., gearmaker to cut its workforce from more than 100,000 to a currently targeted 57,000. Schacht has also been furiously selling off nonstrategic assets in an effort to bring Lucent's cost structure in line with lower revenue so it can meet pledges to turn a profit in 2002. The company lost $16.2 billion last year.

At Kodak, Russo had been presiding over a restructuring intended to streamline the company as it struggled to compete with competition in both its traditional film business and from digital technologies.