ALLENTOWN, Penn. -- After months of negotiations and delays, Agere Systems Inc. here today announced it has completed the spin-off from its parent company, Lucent Technologies Inc.
As part of the move, Lucent has distributed approximately 945 million shares of Agere common stock to nearly 5 million shareowners. With the distribution, Agere has become an independent and separate company, said John Dickson, president and CEO of Agere, based in Allentown.
As part of the spin-off, Henry Schacht, Lucent's chairman, and Frank D'Amelio, Lucent's chief financial officer, have resigned from Agere's board.
Agere's board now comprises of Dickson; H.A. Wagner, non-executive chairman of the board and former president and CEO of Air Products and Chemicals; Rajiv Gupta, chairman and CEO of Rohm and Haas Co.; Rae F. Sedel, managing director of Russell Reynolds Associates and John Young, former president and CEO of Hewlett-Packard.
"As a completely independent company, we will sharpen our focus on our target markets and forge deeper, more strategic relationships with our customers," Dickson said.
Lucent shareowners received 0.010779464 of a share of Agere Class A common stock and 0.264563010 of a share of Agere Class B common stock for each share of Lucent held on May 3. Investors will receive only whole shares of Agere stock. Those entitled to fractional shares will receive cash.