what a joke, Nortel name new CEO again

[油画批发零售]

Nortel names Mike Zafirovski as CEO, president
Mon Oct 17, 2005 09:28 AM ET
(Adds analyst's comment, details, pre-market trading)
TORONTO, Oct 17 (Reuters) - Nortel Networks Corp. (NT.TO: Quote, Profile, Research) (NT.N: Quote, Profile, Research) on Monday named former Motorola No. 2 Mike Zafirovski as its new president and chief executive, to replace Bill Owens in a surprise move lauded by at least one analyst.

Zafirovski, 51, was president and chief operating officer of Motorola (MOT.N: Quote, Profile, Research) , the No.3 maker of mobile handsets, from 2002 until early 2005, when he resigned.

"It's a pleasant surprise," said RBC Capital Markets analyst Mark Sue. "It's positive for the company. Mike was instrumental as a turnaround player at Motorola. This is what Nortel really needed."

Shares of Nortel rose 4.85 pct to $3.46 in U.S. pre-market trading.

The telecoms equipment supplier, one of the world's largest, said in a statement that Owens, 65, will "continue his engagements around the world in serving on various boards, in promoting good governance."

Owens took over the helm of Nortel more than a year ago, after an accounting scandal that bruised the company's reputation and felled its share price.

His departure follows the high-profile resignations of Chief Operating Officer Gary Daichendt and Chief Technology Officer Gary Kunis in June after a management clash with Owens.

Zafirovski, who resigned from Motorola after being passed over for the chief executive post, was credited with turning around that company's mainstay handset business.

Nortel only recently emerged from an accounting malaise of nearly two years and has struggled to recapture the glory that had once made it the market darling.

Nortel shares had peaked at C$124.50 in 2000, only to crash to as low as 67 Canadian cents in 2002.

 

[zhao0308]

Anymore comments on "Bill Owens' departure follows the high-profile resignations of Chief Operating Officer Gary Daichendt and Chief Technology Officer Gary Kunis in June after a management clash with Owens." The reason of Bill Owens departure ?

 

[lifeisfun]

最初由 zhao0308 发布
Anymore comments on "Bill Owens' departure follows the high-profile resignations of Chief Operating Officer Gary Daichendt and Chief Technology Officer Gary Kunis in June after a management clash with Owens." The reason of Bill Owens departure ?

I feel it's good for him to go at this time as he is not a tech guy and don't know how to lead Nortel to the next stage. He accomplished what he suppose to do, cleaning the house after financial scandel.

This is a good move for Nortel, not a joke. Hope Nortel could do better under the leadership of this new CEO, who did pretty well in GE and Motorola handset division.

 

[kentridge]

maybe owen sees no hope for NT

i would rather believe the board of NT would like to kick Owen out because Owen will soon kick their ass and slash their fat pay checks.
And they dislike it.

the problem is the newcomer knows nothing about NT itself. Maybe he can pinpoint a couple of directions of tech improvement and make a couple of deals. But nobody can really handle NT because it is just like another liberal party.

What you can do with a company that its culture is so full of political agenda from each level, instead, a business entity only.

 

[油画批发零售]

stock is up, so it is a good signal

 

[小傻]

Re: maybe owen sees no hope for NT

最初由 kentridge 发布
...
the problem is the newcomer knows nothing about NT itself. Maybe he can pinpoint a couple of directions of tech improvement and make a couple of deals. But nobody can really handle NT because it is just like another liberal party.

What you can do with a company that its culture is so full of political agenda from each level, instead, a business entity only.

Come one, give him some time..When Ed Breen(another former CEO from Motorola) took over Tyco International, it was utterly totally a mess, and now it's in a better shape..

Looks like Motorola is catching up GE and tries to be a good recruting company for CEOs...

 

[getjob]

最初由 油画批发零售 发布
stock is up, so it is a good signal

Who knows? I guess tomorrow it would be down.

 

[如假包换的马甲]

The joke is only minuscule compared with Enron

 

[sizhu]

it is a good move.

 

[油画批发零售]

NT stock is up again today. That is very good sign.

 

[zhao0308]

up

 

[油画批发零售]

News Story
Motorola sues to prevent Zafirovski from joining Nortel
By Ottawa Business Journal Staff
Thu, Oct 20, 2005 8:00 AM EST


Mike Zafirovsky, Nortel President and CEO
Motorola is going to court to prevent its former president and COO from jumping ship to Nortel Networks.

The lawsuit alleges Mike Zafirovski has breached agreements with Motorola by accepting the top job at Nortel. Motorola says it fears Mr. Zafirovski will disclose Motorola trade secrets to his new employer and possibly poach Motorola employees to join him.

Nortel Networks is not named in the suit.

Mr. Zafirovski was introduced Monday as the successor to Bill Owens as CEO of Nortel. The appointment has been roundly praised by analysts and resulted in a run-up in Nortel shares.

Motorola is seeking an injunction to prevent Mr. Zafirovski from working for Nortel for two years. The suit was filed in Illinois, where Motorola is headquartered.

"Nortel and Mr. Zafirovski are currently reviewing the lawsuit and intend to pursue discussions with Motorola with a view to resolving the dispute," Nortel said in a statement.

If the suit succeeds, it would be a serious setback for Nortel. The company's first attempt to land a successor to Mr. Owens failed when former Cisco executive Gary Daichendt quit less than three months into his job at Nortel.