Alcatel Lucent SA (NYSE:ALU) waxes eloquent about new Finance Chief Raby
Alcatel Lucent SA (NYSE:ALU) has named Jean Raby, the Goldman Sachs banker as the Chief financial and Legal Officer. Michel Combes, the CEO is reorganizing operations at the company and this is one effort in that direction. Until last year, Raby was a partner as well as a managing director at Goldman Sach’s investment banking division. In a statement, ALU said that he will be moving to Paris and assuming his role next month. He will be replacing Paul Tufano the outgoing Chief Financial Officer.
Michel Combes had replaced Ben Verwaayen, after the latter’s job cuts and asset sales has been unsuccessful in turning the company around. He is now in efforts to stop the company’s finances from getting eroded further after 7 consecutive years of a drop. Raby has a hoard of banking expertise. This experience will come in handy even as the company is trying to cut its debt by $2.7 Billion (2 Billion Euros), by 2015 end. It will try to achieve this by actioning some asset sales or by selling shares on the stock market.
In a statement Combes said that Raby’s extensive knowledge and experience in the industry as well as his strong understanding of international financial markets will be of great value to ALU, especially now that they are driving ahead with implementing the Shift Plan that had been announced in June.
Latest trading session
Alcatel Lucent SA (NYSE:ALU) stock dipped 0.75% in Thursday’s trading session. The opening price of the shares was $2.68 which rose to an intraday high of $2.70 and closed at $2.64. More than 7.05 million shares were traded n Thursday while the average volume of shares traded over 30 days was 17.96 million. The company has a market cap of $6.00 Billion.
The France-based Alcatel Lucent SA provides solutions that are used by businesses, service providers, and governments across the world. These organizations offer data, voice and video services to their customers.