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Re: Nortel's Q4 Results
by
Anonymous
Sherman, let's jump ahead to 2007:
Nortel Networks plans to slash 2,900 jobs
Bloomberg News
Article Last Updated: 02/08/2007 05:15:30 AM PST
Nortel Networks Corp., North America's largest maker of phone gear, plans to cut about 8.5 percent of its work force after previous reductions failed to make the company profitable. The stock rose the most in more than a year.
Nortel will eliminate 2,900 jobs and move about 1,000 to India, China and Mexico from higher-cost locations in the next two years. The reductions may lower expenses by as much as $400 million a year, the Toronto-based company said Wednesday in a statement.
Nortel has now cut at least 7,250 jobs since September 2004. Chief Executive Officer Mike Zafirovski is aiming to revive Nortel after a $2.58 billion loss in 2005 and three financial restatements in as many years. Nortel said Tuesday that finance chief Peter Currie, rehired in 2005 to help the company recover from accounting errors, will leave in April.
AT LEAST THE EXECUTIVES ARE GETTING GOOD RETIREMENT PACKAGES. After all, that's all that matters, right?
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