Votes For
LRO Members' Proxy Proposals Send Clear Message To
Lucent
NEW YORK, Feb 15 (Reuters) -
Shareholders of Lucent Technologies Inc. (LU.N:
Quote,
Profile,
Research) on Wednesday
voted to restrict the pay of senior executives by
tying 75 percent of their stock grants to the
communications equipment maker's performance.
The shareholder votes [on
two proxy proposals submitted by LRO members] are
preliminary, and require board approval, said Lucent
spokesman Bill Price. The final results will be
released in a filing with the U.S. Securities and
Exchange Commission that Lucent plans to submit in
April or May.
The votes reflect investor
dissatisfaction with the compensation of Lucent's
senior management as the company struggles to grow
amid a tough environment for spending on traditional
telecommunications equipment.
(The proxy proposal submitted
by Joanne Raschke received 54% of the votes cast
and the proxy proposal submitted by Jim Stickel
received 53% of the votes cast at the Lucent
Annual Meeting.)
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