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Former Nortel CEO Mike Zafirovski is seeking more that $12 million from the bankrupt company, according to a filing in the US Bankruptcy Court for the District of Delaware.
Zafirovski, who failed to turn around the once venerable telecom giant after an accounting scandal, a series of financial restatements and the economic recession, wants no less than $12,250,543.48 from Nortel. Nortel filed for bankruptcy in January, began liquidating assets in June, and saw Zafirovski resign in August.
The breakdown of the payout is:
• $2.4 million in base salary for 24 months
• $3.6 million in bonuses
• $200,543.48 pro rata bonus for the third quarter of 2009
• $50,000 in insurance benefits
• And $6 million in a lump sum annuity.
SLIDESHOW: CEO payday: How much tech chiefs made in '08
Zafirovski claims his 2005 employment contract with Nortel entitles him to the millions. As Nortel sheds its businesses and assets, shareholders are not receiving any payback from their investments.
The blogosphere is expressing its disgust. All About Nortel’s Mark Evans says "As Nortel continues to disappear, the stream of head-shaking news continues to emerge."
And Billingworld.com says it is "at a loss for words over Zafirovski’s claim except to say that this is truly tool-like behavior."
Nortel declined to comment.
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Comments (9)
Pay for Non PerformanceBy Anonymous on October 9, 2009, 11:34 amYet another CEO who could not or would not do anything for an ailing company wants compensation as though he saved it. I want to know one thing: How I can get a...
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Nortel CEO FailureBy Anonymous on October 9, 2009, 12:59 pmAfter he finds every single employee and Partner employees's a job, I would be more than happy to see him get what he thinks is deserving to him. If not he should...
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This CEO has led me to bankruptcy in my retirementBy Anonymous on October 9, 2009, 3:37 pmI presnetly am keeping a Nortel switch up and running that was installed during the mid 80's. The CPU's were updated during the mid-90's. Up until 4,5 years ago...
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good luckBy Anonymous on October 9, 2009, 3:51 pmGood luck getting your money out of a bankrupt company you greedy b*stard.
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He resignedBy Anonymous on October 9, 2009, 4:47 pmHe resigned and his contract allows for all this compensation??!!! What group of morons came up with this contract?
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Bonuses too???By Anon on October 11, 2009, 1:21 amThis is what's wrong with corporate North America and many other corporations in other countries. You get on board, you promise to turn things around, can't deliver,...
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