Since the nineties Nortel has been cutting its workforce and shipping jobs off shore, 56,000 workers cut, and it still has not gotten it out of its fiscal spiral downwards. Why should this be any different.
Nortel to slash 2900 jobs in latest cost-cutting
Nortel Networks Corp.
The layoffs are the latest in a series of cost-cutting moves made by Chief Executive Officer Mike Zafirovski since he took over the beleaguered company in November of 2005. Since the collapse of the telecom and “dot com” markets in 2001-2,
Nortel has cut more than 60,000 jobs.
As usual let's look at how much the guy at the top makes while his company bottoms out and he slashes jobs.
|Nortel Networks Corp.(1)||Zafirovski, Mike||$37,429,297|
And the reason for Nortel's collapse was not productivity nor the crash of the dot.com bubble but criminal capitalism.
Nortel CFO Leaves (Again)
Nortel chief financial officer Peter Currie is stepping down this spring to take on "new challenges."
The company announced Tuesday that Mr. Currie will be stepping down on April 30 of this year, although he will continue to provide advice to the company to ensure a smooth transition.Currie took over the CFO chair one year ago to help Nortel recover from several years of financial scandals and mismanagement. Between February 1999 and April 2004, two of the three men who held the title of Nortel CFO were fired for cause.
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