Alcatel-Lucent backs Russo

The board of mega vendor Alcatel-Lucent released a statement Tuesday night, seeking to quash rumours that chief executive Patricia Russo had been given one month to turn the embattled firm around.

Last week, speculation was rife that Russo had been given a 30 day deadline to conjure up an emergency restructuring plan. Troubled times have dogged the firm since the merger that created it in April last year and, with three profit warnings in under ten months it’s no wonder that there are some discontented grumblings.

However the company claims that “mischaracterised interpretations” had arisen following a board meeting at Alcatel-Lucent.

“While clearly disappointed in the most recent changes in the company’s outlook, the board supports Pat Russo and the leadership team, and the efforts they are making to adapt the company’s plans in light of this year’s developments,” the statement read.

The board then reiterated its confidence in the strategic direction taken with the merger and the future potential of the company but there was a slight undertone in the comment: “The board will review the plan to be developed by Management during the next scheduled board meeting on October 30,” ahead of the company’s third quarter results.