By Sonya Rabbitte, 15 August 2001 14:13
NEWS Two former Lucent executives who were given their marching orders by the cash-strapped company are to receive a £15m golden handshake. Former chairman Richard McGinn and former CFO Deborah Hopkins will receive the combined £15m pay-offs despite Lucent's £2.29bn loss in the last quarter, and its cost-cutting plans which include the axing of up to 45,000 jobs this year. McGinn, ousted last year after three years in the job, will receive a package worth £11.8m in addition to an annual pension of £700,000. He will get a £3.9m pay off and £4.9m in share options while Lucent has agreed to take over his bank loans worth £3m. Hopkins, who was CFO for 13 months before her departure in May, will get a £2.3m pay off and £1m in share options. Meanwhile Lucent's UK workers are waiting to hear news of their fate. A spokeswoman for the company said internal negotiations were underway but that details of UK job losses have not been finalised.
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