Alcatel-Lucent ADS fka ALU

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Alcatel-Lucent And CEO Pat Russo: Best Friends Forever

Dear Pat Russo. Don’t worry, we still love you. You are the greatest CEO ever. Best friends forever! Love, the Alcatel-Lucent board.

That’s more or less what the board of Alcatel-Lucent (ALU) said in a statement the company released this afternoon.

As I noted in a post last week, the Financial Times has reported gave Russo one month to come up with a plan to turn the company around. That lead to a round of speculation that Russo’s job might be in jeopardy. But now, the Alcatel-Lucent board says otherwise.

Here is the text of their statement:

Recent reports in the news concerning a Board meeting at Alcatel-Lucent have led to mischaracterized interpretations and erroneous speculations.

While clearly disappointed in the most recent changes in the company’s outlook, the Board supports Pat Russo and the leadership team, and the efforts they are making to adapt the company’s plans in light of this year’s developments. The Board will review the plan to be developed by Management during the next scheduled Board meeting on October 30th prior to the release of our Q3 results.

The Board reiterated its confidence in the strategic direction taken with the merger of Alcatel-Lucent, the future potential of the company and said it will continue to work with the company’s leadership team to enhance value for shareholders, employees and customers worldwide.

The Board of Alcatel-Lucent