Lucent

(LU)

, whose stock has been punished after a series of profit warnings, on Monday named Henry Schacht chairman and chief executive, returning him to the post he held from 1995 to 1997.

Schact, 66 years old, replaces Richard McGinn. According to the company, he will work with Lucent's senior leadership team to manage the company's day- to-day operations and is initiating an executive search for his successor as chairman and CEO. Lucent has ended its search for a chief operating officer.

Lucent said that in a meeting this weekend, the board reviewed Lucent's recent performance and outlook and determined that an immediate change was necessary.

In March, Schacht was named chairman of the Lucent spinoff,

Avaya

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. He will continue as a member of Avaya's board, but will step down immediately from his position as chairman.

The company said it expects pro forma revenue from continuing operations for the first quarter to decline about 7% and pro forma earnings per share from continuing operations to break even. Those estimates exclude certain operations and items. The company also said it expects sequential improvement in results from operations each quarter for the rest of the fiscal year. The guidance doesn't include the effect of plans for a business restructuring charge.

Lucent will be moving up the release of its fourth quarter results, previously scheduled for tomorrow morning, to after the close of the

New York Stock Exchange

at 4 p.m. today.

The company also confirmed that it would move ahead with plans to spin off the microelectronics business and sell its power systems business.