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Alcatel-Lucent plans 4,000 more job cuts

31 октября 2007

Alcatel-Lucent on Wednesday said it would cut an additional 4,000 jobs and announced a management shake-up after announcing its third consecutive quarterly loss. The world’s largest telecommunications equipment company was already planning to cut 12,500 jobs, but will now raise this total to 16,500.

Alcatel-Lucent plans 4,000 more job cutsJean-Pascal Beaufret, is to step down as chief financial officer and will be replaced by Hubert De Pesquidoux, who was previously head of the company’s Enterprise division. Christian Reinaudo, head of the Northern European region, will also leave the company.

Patricia Russo, chief executive, said she would create a seven-member management committee which would report directly to her, in an attempt to create a more focused leadership model.

Cutting an additional 5 per cent of its workforce will save €400m by the end of 2009, the company said. This is in addition to the €1.7bn savings it expects from the previously announced cuts.

Shares in the company rose 2.7 per cent to €6.81 in early trade, although analysts criticised the new restructuring plan as not radical enough. They also said the departure of Mr Beaufret as chief financial officer would be taken badly, as he was well regarded in the market. Many had been hoping for a resignation by Ms Russo.

Alcatel-Lucent posted an adjusted net loss of €258m for the three months to the end of September. Revenues fell 11 per cent to €4.35bn. The company made a loss of 11 cents per share, compared with earnings of 23 cents a year ago.

“Market conditions remain difficult, with continued pressure on revenues and margins due to intensified competition and some slowdown of spending in North America,” Ms Russo said.

As a result, she said full-year revenues were expected to be flat year on year, which is at the low end of expectations. The company had revenues of €18.25bn for 2006.

Alcatel-Lucent has seen more than €12bn wiped off its market value since it made the first of three profits warnings in January.

A combination of intense competition for telecoms equipment contracts and the botched execution of the Alcatel-Lucent merger, completed last December, have weighed badly on its results.

Ms Russo said on Wednesday: ”These are difficult but necessary decisions, and we will manage these reductions with care. With this plan, the company is targeting gross margins in the high 30’s and operating margins of 10 per cent or better in the post integration phase beginning 2010.”

Источник: Financial Times

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