If a growing number of investors have their way, there might soon be a change at the top of equipment giant Alcatel-Lucent.
The company, whose market value is approximately $4.3 billion (U.S.), recently lowered its 2011 profit forecast, not good news to shareholders, who are putting a lot of pressure on the company's board to remove Ben Verwaayen as CEO, according to Wall Street Journal sources.
Company stock, which was trading at more than $6.50 per share back in May, is now below $2.
The Journal says Al-Lu has made some informal gestures to people outside the company who might be able to succeed Verwaayen. But Stephen Carter, who heads up ALU's EMEA region, would likely be in the running. Officially, the company's hierarchy remains behind their CEO.
"In spite of challenging external economic conditions, [Verwaayen] is continuing to deliver on the [ALU] transformation," said Philippe Camus, board chairman, in a statement. "The board, myself and Ben are focused entirely on that task alone."
It hasn't been easy for Verwaayen. Competition, a lousy economy, and customers' spending cuts have all weighed on the company since it formed from a merger of France's Alcatel and the U.S.'s Lucent Technologies in 2006.
