Nortel Loses Another Key Executive

Telecom News Editorials Reports Glossary

1:27 am on December 21, 2005 | Category: Business

Nortel Networks continues to shed executives, with Chief Marketing Officer, Clent Richardson planning to leave the company in March. This follows news of two other key Nortel executives quitting the company last month.

Richardson’s decision comes about six weeks after the company hired General Electric veteran, Mike Zafirovski to be its new CEO. Getting a new Chief Executive seems to be one of the driving forces behind the shuffle within Nortel’s leadership structure.

The company hasn’t made any immediate announcements about who will replace Richardson, but it’s definitely in their best interests to think long and hard to settle on the right person. Nortel is still recovering from a major accounting scandal in 2003, which decimated its stock price and did serious damage to its reputation.

Shares of Nortel on the TSX dropped $0.11 yesterday, to close at C$3.66.