Nortel CEO Steps Down as Liquidation Efforts Continue

7:15 pm on August 10, 2009 | Category: Business, Corporate

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Mike Zafirovski, CEO of the bankrupt Nortel Networks, stepped down from his position earlier today.

Nortel’s Chief Restructuring Officer, Pavi Binning, will step into the main leadership role as the company continues to sell off assets and wind down operations.

Zafirovski, who took up the reins at Nortel in 2005, worked to revive the ailing company in recent years, but was faced with a slumping telecom equipment market and increased competition from rivals such as Cisco Systems.

“He inherited a difficult situation,” commented Collins Steward analyst, Ashok Kumar. “It’s probably the optimal outcome: finding the right home for the assets and employees, and moving on.”

Nortel has already reached a deal to sell its cellular technology business and hopes to liquidate its enterprise networking division at an auction next month.

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    Edited by Jeremy Maddock