Ex-Nortel CEO: a glutton for money
In October, ex-Nortel CEO Mike Zafirovski astounded the industry by
seeking more than $12 million
from the bankrupt company. Zafirovski, who failed to turn around the venerable telecom giant after an accounting scandal, a series of financial restatements and the economic recession, petitioned the bankruptcy court to give him a payout of $12,250,543. And 48 cents. Nortel filed for bankruptcy in January, began liquidating assets in June, and saw Zafirovski resign in August. Zafirovski claims his 2005 employment contract with Nortel entitles him to the millions, even though shareholders, employees and Nortel's creditors were left to go hungry. Zafirovski's behavior earns him the title of 2009's top IT turkey.