logo
Patricia Russo's profile picture

Patricia Russo

Also Known As Patricia F. Russo, Russo

CEO of Lucent Technologies

Education

  • -

Overview

Patricia F. Russo is an American businessperson. Russo is most widely known for having served as chief executive officer of Lucent Technologies, Inc.(LU) and its successor, Alcatel-Lucent, a large communications equipment manufacturer. As of 2020, she serves on the board of directors of General Motors, Merck & Co., and Arconic, Inc. She serves as chairwoman of the nonprofit organization, Partnership at Drugfree.org. Prior to the split of Hewlett-Packard into two companies in 2015, Russo served as lead independent director. She now serves as chairwoman of Hewlett Packard Enterprise. 

Forbes Magazine rated Russo tenth on its List of the World's 100 Most Powerful Women in 2006.

Career at Lucent :

Russo joined Lucent's predecessor in 1982. In 1992, she became President of the Business Communications Systems division, moving in 1997 to become the executive vice president of Corporate Operations, and in 1999 to executive vice president and chief executive officer of the Service Provider Networks Group. She left in August 2000, after a reorganization; however, returned in January 2002 to become the chief executive officer. After "cutting costs and focusing on sales of wireless equipment, Russo was credited with returning Lucent to profitability in 2004, after three years of red ink." However, profits that year "came largely through slashes in spending, cuts to retiree benefits, and reductions in research-and-development budgets that spurred protests."

On April 2, 2006, it was announced that Russo would be chief executive officer of a new combined company resulting from the merger of the French communications company Alcatel and Lucent.[citation needed] This merger became effective on December 1, 2006. When Russo became the chief executive officer of the combined company, Serge Tchuruk, the former chief executive officer of Alcatel, remained as chairman.

The newly combined entity failed to turn a profit, and as a result, the company's management team resorted to rounds of restructuring and layoffs to address what were considered "challenging market conditions". The board eventually decided to oust the management team, and on July 29, 2008, Russo, along with Alcatel-Lucent chairman Serge Tchuruk, announced that she would step down by the end of 2008, in a broad-reaching management restructuring. Significant changes in the composition of the company's board were also announced. Alcatel-Lucent shares had lost more than 60% of their value since the merger.

In the statement released by Alcatel-Lucent relating to her departure, Russo was quoted as saying, "The company will benefit from new leadership aligned with a newly composed board to bring a fresh and independent perspective that will take Alcatel-Lucent to its next level of growth and development in a rapidly changing global market.". On September 2, 2008, she was replaced by Ben Verwaayen.

Early Life

Patricia F. Russo was born June 12, 1952, in Trenton, New Jersey

Career

  • Lucent Technologies - CEO

Other Activites

Russo spent nine months as the chief operations officer of Eastman Kodak, a position she left in January 2002 when she returned to Lucent to become their chief executive officer. She was also Chairwoman of Avaya, which was spun off from Lucent. Avaya, however, filed for bankruptcy in January 2017.

On July 23, 2009, General Motors announced that Russo would be a member of the company's new board of directors

Reference

Sponsored
Sponsored
Our Offices
  • 10kInfo, Inc.
    13555 SE 36th St
    Bellevue, WA 98006
    Phone: +1 (425) 414-0184
  • 10kInfo Data Solutions, Pvt Ltd.
    Claywork Create
    11 km, Arakere Bannerghatta Rd, Omkar Nagar, Arekere,
    Bengaluru, Karnataka 560076
    Phone: +91 80 4902 2100
4.2 20250131