Corporate Performance Strategies was asked to provide interim HR leadership for Lucent’s fiber optic division in the process of being sold to Furukawa Electric and to help the new owners successfully integrate the new company. We supplied the HR leader consultant and successfully transitioned the company to the new owners. Results were key talent retention (i.e., Bell Labs), improved HR effectiveness and efficiency, development of executive compensation, sales compensation, short-term incentive plans, and employee benefits.
Situation
Headquartered in Atlanta, GA with approximately 4,200 employees worldwide.
Furukawa Electric acquired the fiber optic division of Lucent Technologies to gain a footprint in this business segment. The new company was renamed OFS Fitel. The business was purchased for approximately $2.5B. Prior to the transaction, the VP HR role was vacant and Lucent required a firm which could manage the transition to the new owners and to serve as the interim leader.
Solutions
Corporate Performance Strategies provided the interim VP HR leader approximately two months before the sale to plan for the acquisition. We were retained for six months post-sale to transition to the permanent VP HR. CPS and their team also placed interim consultants in the Benefits and Employee Relations roles to do the pre-work for sale – offer letters, employee communications, health and welfare plan design and implementation, retirement and pension plan development and implementation, and restructuring planning. Post-sale, CPS worked for the new owners on an interim basis and completed several essential HR and Payroll initiatives – executive compensation plans, annual management incentive plans, sales commission plans, benefits and payroll implementations, and new HR policies and procedures.
Results
- Key talent retention (i.e., Bell Labs), improved HR effectiveness and efficiency
- Met aggressive deadlines for executive compensation, sales compensation, short-term incentive plans, and employee benefits
- Smooth transition to new ownership
- Recruitment and orientation of permanent VP HR
“Dave’s leadership and experience was invaluable to OFS during the transition from Lucent Technologies to Furukawa Electric. As a result of his efforts, especially in cross-cultural assimilation with our new owners, we were able to seamlessly integrate the management team executives with the new leadership and jump-start the HR department’s initiative to support our stand-alone company.”
– Eddie Edwards, Former CEO, OFS Fitel