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Byline: Mike Angell
Investor's Business Daily
Struggling with falling sales in one of the hottest markets ever for telecom equipment, Lucent Technologies Inc. tapped its former chief executive and chairman to turn the company around.
The announcement came the same day that Lucent announced lower fiscal fourth-quarter earnings and issued a warning that first-quarter sales would be smaller than expected.
The once and future CEO is Henry Schacht, who headed Lucent f
rom 1995 to 1997, when it was first spun off from telecom carrier AT&T Corp.
"When I first came to Lucent five years ago, I said it was a wonderful hand to be dealt," Schacht said during Lucent's earnings conference call. "Being here 24 hours, I feel the same way."