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Revolution is always bad...for a giant like Nortel, they need evolution...
guys, be happy bah
Nortel COO quits after policy clashes with CEO
By Susan Taylor
Fri Jun 10,10:33 AM ET
TORONTO (Reuters) - Nortel Networks Corp. said on Friday that its chief operating officer had resigned just three months after joining the telecom equipment supplier over clashing views with chief executive Bill Owens.
The departure of Gary Daichendt and chief technology officer Gary Kunis renews questions about Nortel's strategy, analysts said. The company only recently emerged from an accounting nightmare that lasted nearly two years.
Nortel stock sank more than 9.5 percent in early trade, dropping 34 Canadian cents to C$3.21 on the Toronto Stock Exchange and 22 cents to $2.59 on New York.
In a rare display of candor, Nortel cited differing views between its two most senior managers, but declined to detail any specifics.
"It has become apparent to Gary and me ... that we have divergent management styles and our business views differ," Owens said in a statement. Owens, who is in Toronto on Friday, was not available for comment.
Daichendt, a former Cisco Systems executive, was to focus on operations and work with Owens on strategy in his post. Owens will now assume responsibility for the chief operating officer job.
"My guess is they (Daichendt and Kunis) came in and said radical surgery and my guess is the board said ... no, we cannot do this," said Tera Capital fund manager Duncan Stewart, who holds Nortel stock. "Or it could even be an absolute, pure power struggle."
The news comes as a surprise to Wall Street, analysts said, noting that there were no hints of discord between the executives.
"He (Daichendt) stepped into a situation that he had misjudged and brought in one of his partners as a CTO and they basically decided to take their marbles and walk away from the game," said Lehman Brothers analyst Steve Levy. "Better to happen sooner versus later, but it's not good that it happened."
The Toronto-based company has not hired an executive search firm nor does it have a timeframe to make a decision on filling the senior management void, said company spokesman Bill Durling.
Nortel emerged earlier this month from extensive audits and restatements to correct several years of accounting errors that delayed the timely filing of its results and prompted it to sack several top officials, including former CEO Frank Dunn.
The management shakeup comes just one week after Nortel issued first-quarter results that finally brought the company up to date with its financial statements.
Owens said at the time that Nortel had reached an important milestone and was moving forward with its strategic plan. The company continued to be "in transition," he added.
guys, be happy bah
Nortel COO quits after policy clashes with CEO
By Susan Taylor
Fri Jun 10,10:33 AM ET
TORONTO (Reuters) - Nortel Networks Corp. said on Friday that its chief operating officer had resigned just three months after joining the telecom equipment supplier over clashing views with chief executive Bill Owens.
The departure of Gary Daichendt and chief technology officer Gary Kunis renews questions about Nortel's strategy, analysts said. The company only recently emerged from an accounting nightmare that lasted nearly two years.
Nortel stock sank more than 9.5 percent in early trade, dropping 34 Canadian cents to C$3.21 on the Toronto Stock Exchange and 22 cents to $2.59 on New York.
In a rare display of candor, Nortel cited differing views between its two most senior managers, but declined to detail any specifics.
"It has become apparent to Gary and me ... that we have divergent management styles and our business views differ," Owens said in a statement. Owens, who is in Toronto on Friday, was not available for comment.
Daichendt, a former Cisco Systems executive, was to focus on operations and work with Owens on strategy in his post. Owens will now assume responsibility for the chief operating officer job.
"My guess is they (Daichendt and Kunis) came in and said radical surgery and my guess is the board said ... no, we cannot do this," said Tera Capital fund manager Duncan Stewart, who holds Nortel stock. "Or it could even be an absolute, pure power struggle."
The news comes as a surprise to Wall Street, analysts said, noting that there were no hints of discord between the executives.
"He (Daichendt) stepped into a situation that he had misjudged and brought in one of his partners as a CTO and they basically decided to take their marbles and walk away from the game," said Lehman Brothers analyst Steve Levy. "Better to happen sooner versus later, but it's not good that it happened."
The Toronto-based company has not hired an executive search firm nor does it have a timeframe to make a decision on filling the senior management void, said company spokesman Bill Durling.
Nortel emerged earlier this month from extensive audits and restatements to correct several years of accounting errors that delayed the timely filing of its results and prompted it to sack several top officials, including former CEO Frank Dunn.
The management shakeup comes just one week after Nortel issued first-quarter results that finally brought the company up to date with its financial statements.
Owens said at the time that Nortel had reached an important milestone and was moving forward with its strategic plan. The company continued to be "in transition," he added.
