Abstract

When Lucent Technologies was launched from AT&T as an independent company nearly four years ago it found itself in an expanding and evolving industry-an industry rich in opportunity, and crowded with fierce competitors. Since its initial public offering-one of the largest in U.S. history-in the spring of 1996, Lucent's revenues have soared from $19 billion to about $38 billion. Today, Lucent is at the center of the communications revolution and is the largest company worldwide in the area of communications networking. It continues to take market share from its competitors. According to Lucent's Chairman and Chief Executive Officer Richard McGinn, the company has achieved its impressive growth trajectory and successfully navigated its way towards tremendous opportunities by focusing on the communications networking market's highest-growth segments and by shedding interests in areas with less robust possibilities. (This article is derived from a speech by the author delivered on November 2, 1999 at the Haas School of Business as the kickoff lecture for the Annual Lucent Technologies Communications Networking Lecture Series funded by Lucent Technologies.)