Alcatel Chief Is Out as Turnaround Stalls

Burning cash and reeling from cutthroat competition, Alcatel-Lucent SA said Thursday that its chief executive will step down after a transition period to find a successor.

Some directors have been frustrated with Ben Verwaayen’s slow progress in turning around the telecommunications equipment maker, one person close to the board said. Another person said the decision was mutual and that Mr. Verwaayen had managed to stabilize the company. The company is searching for a replacement, and Mr. Verwaayen plans to stay on until one is found, Alcatel-Lucent said.

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