French communications equipment maker Alcatel has lost its chief operating officer after posting a $2.6bn second-quarter loss.
Krish Prabhu said that he would step down to spend more time with his family. Prabhu, who oversaw the company's $7.1bn takeover of Newbridge Networks, said he wanted a "better balance" in his personal life.
The news follows Alcatel's first loss in six years: $2.6bn for the second quarter, compared with a profit of $291m for the same period the year before. The company took a $2.8bn charge in the quarter to write down the value of inventory and past acquisitions.
Further bad news is the axing of 500 jobs in Canada. Alcatel also said that it will cut a further 2500 jobs in the US, halving the number of factories in the country. The company slashed over 5000 workers during the last quarter and said that it needs to shed about 20,000 employees in total this year.
Prabhu said he will continue to sit on Alcatel's board and suggested that, should the top dog position become vacant, he may make a comeback.
"I would like to think that, a couple of years down the road, if I am the right candidate, I will have a good shot at becoming chief executive. If Alcatel wants me back, I surely will come back," he said.
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