Two Nortel Executives Quit as New CEO Takes Power

5:00 am on December 2, 2005 | Category: Business

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Two improtant Nortel Networks executives have recently elected to leave the company, just two weeks after the telecommunications equipment company appointed its new CEO.

Chief research officer, Brian McFadden, and global services and operations president, Sue Spradly will both be exiting their job, citing “organizational changes” as a reason for the move.

Mike Zarirovski, who has been Nortel’s CEO since November 15, has said that he plans to make a priority of lifting profit margins to as much as 19%, from current figures in the low single digits.

“In our view, the new CEO has started taking aggressive measures toward rightsizing Nortel’s business model,” said UBS analysts in a note about the matter. “We believe these steps are early signs of a more significant reorganization with further executive and non-executive reductions and changes expected.”

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    Edited by Jeremy Maddock