Word: lucent
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...finds what he wants. When Hillary Clinton's health-care plan came out in 1994, O'Neill stayed up all night and read the 240-page document. "Mention Social Security to some people," says former U.S. Trade Representative Carla Hills, who serves with O'Neill on the board of Lucent Technologies, "and their eyes glaze over. But Paul's eyes light up. He knows about the details and is not afraid to tell you what he thinks...
...since the French Revolution have so many executive heads rolled--courtesy of falling profits and stock prices and impatient boards--leaving vacancies strewn all over the FORTUNE 500. Maytag, 3M, Lucent and Gillette are among the headless, and any one of them could rain instant millions on Nardelli or McNerney or similarly qualified executives...
Such deals aren't reserved for GE alums. When Carly Fiorina left Lucent to become Hewlett-Packard's CEO, she reportedly landed more than $50 million up front to compensate for the value of stock options she had to leave behind. (Smart move. Lucent's stock collapsed this year, contributing to CEO Rich McGinn's recent unemployment.) Alex Mandl got $20 million up front and 18% of the company when he left the No. 2 post at AT&T to run the telecom start-up Teligent. Others landing huge pay deals include Jamie Dimon at Bank One, Joseph Nacchio...
Corner offices don't stay vacant for long; the board organizes a search committee even before the fired CEO departs with a large payout. Lucent is looking for a boss with a technical background and experience in rationalizing businesses. The pay is great, the perks are plentiful, and you get your very own jet. Just don't have the seat pillows monogrammed...
Breaking up has worked in the past. Ma Bell's dizzying array of spin-offs, including the regional Bell companies in 1984 and Lucent and others in the '90s, have mostly done well by being good businesses to start with and then being set free to raise capital, allocate resources independently and enter new markets as they liked...