 Richard McGinn, who was serving as President and COO, succeeded Schacht as CEO in 1997 while Schacht remained chairman of the board.Lucent became a "darling" stock of the investment community in the late 1990s, and its split-adjusted spinoff price of $7.56/share rose to a high of $84.Its market capitalization reached a high of $258 billion, and it was at the time the most widely held company with 5.3 million shareholders.