Philippe Camus, a former aerospace executive at EADS, will serve as the new chairman, while  Verwaayen, former head of BT Group PLC, will be chief executive. The Wall Street Journal said the announcement could be made as early as Tuesday morning. Alcatel-Lucent had no comment, according to the Journal.

It came as no surprise in July when Alcatel-Lucent announced that CEO Patricia Russo and Chairman Chairman Serge Tchuruk would depart later this year. Since former rivals Alcatel and Lucent started operating as a single entity in December 2006, the combined company has lost more than half its value and faces increased competition from Asian suppliers.

While Alcatel-Lucent said the two executives had stepped down of their own accord, angry shareholders had urged the shakeup for months.