Alcatel-Lucent chief executive Ben Verwaayen has stepped down from his post just as the vendor posted a fourth-quarter net loss of almost €1.4bn (£1.2bn).
For the three months to the end of 2012, the telecoms vendor posted sales of about €4.1bn, down 1.3 per cent on an annual basis. Net losses stood at €1.37bn, compared with a net profit of €868m in the corresponding period last year.
In 2011 Alcatel-Lucent posted its first ever annual profit, six years after being formed through the merger of US player Lucent with French rival Alcatel. But in 2012 it has returned to loss making, with net losses for the full year standing at more or less the same amount as those for the fourth quarter. Full-year revenue declined 5.7 per cent year on year to just under €14.5bn.
Former BT chief executive Ben Verwaayen, who has been in the Alcatel-Lucent hot seat since 2008, announced today that he will step down from the firm after handing over the reins to his successor. A search committee has been set up to identify a new leader.
"The combination of our recent refinancing and the implementation of our restructuring plan will put the company on a secure footing for the successor the board will seek to appoint," said Verwaayen.
Board chairman Philippe Camus added: "Over the past few years, Ben has set a new direction, created one company out of two, and has recently seen through the completion of the stabilisation of the company's balance sheet, enabling us to move forward with confidence."
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