French telecom-equipment giant Alcatel-Lucent SA (ALU) on Friday announced the appointment of Michel Combes as the company's new Chief Executive Officer, effective April 1. He succeeds Ben Verwaayen, who had announced his stepping down earlier this month.
51-year-old Combes has more than 20 years of experience in the telecommunications industry on a worldwide basis. He was Chief Executive Officer of Vodafone Europe and a Board member of Vodafone Plc (VOD, VOD.L). During his career, he has also served as Chairman and CEO of TDF as well as Chief Financial Officer and Senior Executive Vice President of France Telecom.
Combes will also join the Board, subject to the approval of shareholders, at the annual general meeting on May 7.
Commenting on the appointment, Philippe Camus, Chairman of the Board, said: "As chief executive he will be responsible for delivering sustainable profitability. His deep knowledge of the industry as well as his experience of major business and financial transformation at a worldwide level will be pivotal in helping the company pursue its aggressive transformation..."
Alcatel-Lucent's Board also approved the appointment of Jean Monty as Vice-Chairman of the Board.
Monty, 64 is a Canadian national. He began his career at Bell Canada in 1974. He joined Nortel Networks Corp. in 1992 as President and Chief Operating Officer before becoming President and Chief Executive Officer in 1993. In 2002, Monty, then Chairman of the Board and Chief Executive Officer of Bell Canada Enterprises, retired after a 28-year career.
The stock fell 1.6 percent on Thursday in Paris to close at 1.14 euros.
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