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Nortel CEO quits

Change comes after seven months in bankruptcy protection and a $274 million loss


 

Mike Zafirovski resigned as the CEO of Nortel Networks, along with most of the members of the board of directors today. Nortel has been in bankruptcy protection for seven months and recently sold some of its key wireless
assets to the Swedish firm Ericsson. “The direction has been set and we are now at a natural transition point as we continue to service customers, maximize value through sales and continue restructuring activities,” said
Zafirovski, in a statement. The company also reported a loss of $274 million in its last quarter—more than double the losses from the same period last year.

Financial Post


 
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