Alcatel CEO resigns as company's progress stalls

Alcatel-Lucent said today that chief executive Ben Verwaayen would step down after a four-year run at the Paris-based telecom-gear company, with insiders saying he failed to turn around the struggling vendor. He will remain in the post until Alcatel finds a successor. Verwaayen told CNBC that "You look to what you need to go and do in the coming three years -- it is execution, execution, execution. And maybe that is not the natural strength that I have." Alcatel also said that fourth-quarter revenue fell 1.3% from a year ago with strong results from the IP division, where revenue grew 26%. Revenue dropped 8.6% overall at the networks unit.

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