Nortel in the midst of bankruptcy saw its CEO, Mike Zafirovski and a large portion of the entire board announced their resignations today. Back in November of 2008 I thought Zafirovski was on his way out. He has survived much longer than I anticipated. According to a story in today’s Canada Globe and Mail Report on Business,
“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,” Mr. Zafirovski said in a news release.
“We’ve reached a logical departure point,” added Harry Pearce, the chairman of the board, who is stepping down along with five other directors: John Manley, James Hunt, Richard McCormick, Claude Mongeau, and Mr. Zafirovski.
It is sad what has happened to the once thriving telecom equipment firm. Keep an eye on how this all plays out.
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