New CEO begins Alcatel makeover

Alcatel-Lucent new Chief Executive Officer Combes poses for the media before a news conference in ParisBy Leila Abboud PARIS (Reuters) – Telecom equipment maker Alcatel-Lucent plans to focus on networking products and high-speed broadband and will slim down with a billion euros in cost cuts by 2015 in a bid to reverse years of losses. The plan unveiled on Wednesday by Michel Combes, the company's new chief executive, will also include more than a billion euros of unspecified asset sales and 2 billion euros in debt re-financing by 2015, followed by a further 2 billion in debt reduction that could include issuing new shares. …


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