The late, late show…

April 9, 2007

images-11.jpegLate on Friday afternoon — a Friday when the markets were closed — Alcatel Lucent (ALU) filed this annual report. The time-stamp on the SEC site puts it at 17:29:57, or 11:30 at night, Paris time, where the company is based. As footnoted.org regulars know, anything filed that late on a Friday night — and a holiday Friday no less — has to have some good vittles. And Alcatel Lucent doesn’t disappoint.

Because of the timing of the merger between Alcatel and Lucent, Lucent never filed a summary comp chart for 2006. Friday’s filing helps to fill in some of the blanks, noting that Patricia Russo, who was chairman and CEO of Lucent and is now CEO of the combined company received 1.89 million euros in total compensation from Lucent in 2006 (at the conversion rate of 1.25 euros to the dollar which the company strangely uses for the past three years). Russo’s new salary is $1.2 million euros, a hefty raise over the $1.2 million dollars reported for 2005.

But perhaps the real piece de resistance is the Paris apartment that comes with the gig. While the filing only notes that Russo “will receive a housing allowance for her Paris residence” (as well as a car and driver), it doesn’t give any sense of the numbers. Here’s betting that it’s not a studio in some outlying arrondisement.

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