Seeing its stock spiraling down as well, Lucent, a spin off of AT&T, has booted CEO Richard McGinn and replaced him with interim chairman and CEO Henry Schacht. Lucent has been warning the industry of fourth quarter losses and apparently getting a new head honcho wasn't entirely unexpected. The search is on for a permanent replacement.
Lucent invited Schacht back to try and bolster its earnings and save its diminishing stock value, which has slid 71 percent in the last year.
Schacht was Lucent's first CEO after the company was spun off from AT&T in 1995.