Patricia F. Russo is an American businessperson most widely known for having served as
chief executive officerA chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of
Lucent TechnologiesAlcatel-Lucent USA, Inc., originally Lucent Technologies, Inc. is a French-owned technology company composed of what was formerly AT&T Technologies, which included Western Electric and Bell Labs...
and its successor,
Alcatel-LucentAlcatel-Lucent is a global telecommunications corporation, headquartered in the 7th arrondissement of Paris, France. It provides telecommunications solutions to service providers, enterprises, and governments around the world, enabling these customers to deliver voice, data, and video services...
, a large communications equipment manufacturer. She currently serves on the board of directors of HP,
General MotorsGeneral Motors Company , commonly known as GM, formerly incorporated as General Motors Corporation, is an American multinational automotive corporation headquartered in Detroit, Michigan and the world's second-largest automaker in 2010...
,
Merck & Co.Merck & Co., Inc. , also known as Merck Sharp & Dohme or MSD outside the United States and Canada, is one of the largest pharmaceutical companies in the world. The Merck headquarters is located in Whitehouse Station, New Jersey, an unincorporated area in Readington Township...
and
ALCOAAlcoa Inc. is the world's third largest producer of aluminum, behind Rio Tinto Alcan and Rusal. From its operational headquarters in Pittsburgh, Pennsylvania, Alcoa conducts operations in 31 countries...
, Inc. She serves as Chairman of the nonprofit organization The Partnership at Drugfree.org
ForbesForbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
magazine rated Russo as the tenth on its
list of the most powerful womenStarting in 2004, Forbes magazine has made a list of the 100 most powerful women in the world. It is edited by editor Mary Ellen Egan, and based on visibility and economic impact...
in 2006.
Career at Lucent
Russo joined Lucent's predecessor in 1982. In 1992 she became the president of its Business Communications Systems division, moving in 1997 to become its executive VP of corporate operations, and in 1999 to its executive VP and CEO of the Service Provider Networks Group She left in August 2000, after a reorganization, but returned in January 2002 to become its CEO. After "cutting costs and focusing on sales of wireless equipment, Russo was credited with returning Lucent to profitability in 2004, after three years of red ink."
On April 2, 2006 it was announced that Russo would assume the CEO role of a new combined company resulting from the merger of the French communications company
AlcatelAlcatel Mobile Phones is a brand of mobile handsets. It was established in 2004 as a joint venture between Alcatel-Lucent of France and TCL Communication of China....
and Lucent. This merger became effective on December 1, 2006. When Russo became the CEO of the combined company,
Serge TchurukSerge Tchurukdichian , known as Serge Tchuruk, is a French businessman of Armenian descent. He was the Chief Executive Officer and chairman of Alcatel until the end of November 2006 and was the chairman of Alcatel-Lucent until his resignation in October 2008.Serge Tchuruk was graduate of the Ecole...
, the former CEO of Alcatel, remained as Chairman.
On July 29, 2008, Russo, along with Alcatel-Lucent chairman Serge Tchuruk, announced that she would step down by the end of 2008, in a broad-reaching management restructuring. Significant changes in the composition of the company's board were also announced. Alcatel-Lucent shares lost more than 60% of their value in the year preceding her departure. In the statement released by Alcatel-Lucent relating to her departure, Russo was quoted as saying, "The company will benefit from new leadership aligned with a newly composed board to bring a fresh and independent perspective that will take Alcatel-Lucent to its next level of growth and development in a rapidly changing global market."
On September 2, 2008 she was succeeded by
Ben VerwaayenBernardus Johannes Maria "Ben" Verwaayen is a Dutch businessman. On September 2, 2008 the Alcatel-Lucent board of directors appointed Verwaayen as the company’s Chief Executive Officer, succeeding Patricia Russo.-Early life:...
.
Other activities
Russo spent nine months as the COO of
Eastman KodakEastman Kodak Company is a multinational imaging and photographic equipment, materials and services company headquarted in Rochester, New York, United States. It was founded by George Eastman in 1892....
, a position she left in January 2002 when she returned to Lucent to become their CEO. She was also chairman of
AvayaAvaya Inc. is a privately held computer networking, information technology and telecommunications company that is a global provider of business communications systems. The international head quarters is in Basking Ridge, New Jersey, United States...
, which was spun off from Lucent.
On July 23, 2009 General Motors announced that Russo would be a member of the company's new Board of Directors.