Lucent Names Young as Chairman of Microelectronics Spin-off

MURRAY HILL, N.J., Oct. 5 -- John Young, former president and CEO of Hewlett-Packard and a current member of Lucent's board of directors, has been chosen to chair Lucent's Microelectronics Group as it readies itself to become a separate company some time next year.
John brings broad experience in the high-tech industry and considerable stature in the business and financial communities, said Lucent Technologies chairman and CEO Richard McGinn. His keen insight and business acumen have been a great asset to Lucent and will be invaluable as the Microelectronics unit sets off on its own course.
Lucent's Microelectronics Group will announce an initial public offering for up to 20 percent of its stock by the end of the first quarter of 2001, and Lucent will spin-off the remaining shares in a tax-free distribution to its shareholders by the summer of 2001, the company said.
Young, 68, has served on Lucent's board of directors since 1996 and Hewlett-Packard's board since 1974. Young was at the helm of Hewlett-Packard from 1978 to 1992.