The company promised in January to reduce annual costs by $2 billion but has hardly made a dent. Schacht is trimming 10,000 jobs, but he needs to double that.
Lucent (LU ) badly needs cash. Its optical-fiber unit could fetch from $3 billion to $5 billion.
BOLSTER FINANCIAL CONTROLS
Schacht must follow through on vow to slice inventories and accounts receivables by $2 billion.
FIND A NEW CEO
Until Schacht ends the seven-month-long search for his successor, uncertainty will continue.