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Lucent hones in on broadband, seeks new COO

The phone equipment giant continues working to spin off a number of its technology divisions to concentrate more on the fast-growing broadband Net access market.

    Lucent Technologies continues to refocus its efforts in the broadband Internet access market.

    Today, Patricia Russo, executive vice president and head of the Service Provider Networks group, left the company to pursue other opportunities, according to a statement issued by Lucent.

    Also today, Lucent CEO Richard McGinn announced that he is commencing a search for a chief operating officer.

    In the past few months, Lucent has been working to spin off a number of its technology divisions to concentrate more on the fast-growing broadband Internet access market.

    Patricia Russo As part of the company's effort to gain ground in the broadband market, McGinn said he will "begin a search for a chief operating officer who will work with me, Debby Hopkins and our other senior team members to make Lucent the most competitive company in this exciting industry," according to the statement.

    Last week, Harry Bosco, president of Lucent's optical business, announced his retirement shortly after the company disclosed a reorganization of that unit.

    In related news, Lucent was rated "market perform" in new coverage by analyst Lissa Bogaty at Donaldson Lufkin & Jenrette. The 12-month target price is $50 per share. Shares of Lucent closed down 38 cents at $42.06 in yesterday's trading.