Agere changes its head

Last throw of the dice?

Lucent spin-off Agere Systems has appointed H A Wagner as its chairman in a bid to promote the company's independence. The chip and optical component company said it was anxious to assert its independence from its parent company which still retains a 58 per cent stake. A spokeswoman said: "Both companies felt it was appropriate to have an independent chairman as we move forward to becoming a fully independent company." Wagner will succeed John Young who will remain on the board until the spin-off is completed next Spring. Also leaving the board at that time will be Lucent's CEO Henry Schacht and CFO Frank D'Amelio. Agere has had a tough year. Its been plagued with job cuts, falling orders and dropping share prices. In August, the company's shares were given a junk status by Standard & Poor after it posted a third quarter loss of $1.1bn.