Agere Systems Inc. made good on its plans to split from Lucent Technologies Inc. today after its parent's fiscal woes had delayed the spin-off from last year.
As part of the spin-off, Henry Schacht, Lucent's chairman, and Frank D'Amelio, Lucent's chief financial officer, resigned from Agere's board of directors.
Agere's board now includes its chief executive, John Dickson; H.A. Wagner, non-executive chairman of the board and former president and chief executive of Air Products and Chemicals; Rajiv Gupta, chairman and chief executive of Rohm and Haas Co.; Rae F. Sedel, managing director of Russell Reynolds Associates; and John Young, former president and chief executive of Hewlett-Packard Co.
In April, Agere reported revenue of $551 million for the second quarter of fiscal 2002 ended March 31.
The revenue figures were up $14 million or 2.6% from the December quarter and were higher than the guidance provided by the company in January.
Net loss for the March quarter was $219 million, or 13 cents a share. Reported net loss for the December quarter was $375 million, or 23 cents a share.
Agere, Allentown, Pa., includes two groups -- the Client Systems group, which targets end-user computing and wireless markets, and the Infrastructure Systems group, which serves the network equipment market.
Under terms of the deal, Lucent distributed 0.010779464 a share of Agere Class A common stock and 0.264563010 a share of Agere Class B common stock for each share of Lucent owned by shareholders as of May 3.