Telecom equipment maker Alcatel-Lucent said its chief executive was leaving after it swung to a net loss of €1.37 billion ($1.85 billion) for 2012, hit by lower sales in Europe and China and a writedown of its wireless and optics businesses. CEO Ben Verwaayen said the company needed a new leader to complete its turnaround when his mandate ends in May. “If you look at the task at hand, it is focused on execution,” said the Dutch-born executive. “Looking in the mirror, I felt maybe that’s not my natural strength, and maybe it will be good for the company to get fresh perspective.”
The group, which was formed in a merger in 2006, said it would look for a successor internally and externally, and gave no timetable for the appointment. Since arriving in September 2008, Verwaayen has been unable to deliver on his pledge to return the group to “normal”, with steady cash flow and profit.
Michael Dell coughs up $750 m cash to buy Dell
Michael Dell and his investment firm are ponying up $750 million in cash toward the $24.4 billion purchase of Dell Inc to help bankroll the largest private equity-backed buyout since the financial crisis. The Dell founder and chief executive officer this week struck a deal to take private the company he created out of a college dorm room in 1984, partnering with private equity house Silver Lake and Microsoft. Michael Dell will contribute $500 million of his own cash, and MSDC
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