Nortel chief executive steps down
Struggling Nortel is waving goodbye to its CEO and a number of board members in an effort to restructure the firm.
Nortel's chief executive has stepped down in what the company is calling a "natural transition."
Mike Zafrovski has relinquished his role as president of the board and chief executive of Nortel effective today, following the company's well-publicised meltdown.
Harry Pearce, chairman of Nortel's board of directors, said: "We've reached a logical departure point. Mike made a commitment to see the process through the stabilisation of the company, sale of its largest assets and the right plans and people to continue operating our business and serving customers. He has done so."
The company filed for bankruptcy protection in January after being hit hard by the recession, leading to thousands of job cuts and a plummet in profits.
It has begun selling off its assets with its CDMA and LTE businesses going to Ericsson and Avaya standing as the front runner for its enterprise business.
As well as top dog Zafrovski stepping down, a number of board members are also going to be departing.
Zafrovski said: "The direction has been set and we are now at a natural transition point as we continue to service customers, maximise value through sales and continue restructuring activities."
"The board of directors has reviewed the status of the sales process for the businesses and the go-forward plans for the transition and corporate services groups... and are confident these are the right plans at the right time with the right leaders going forward."
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