Nortel Cuts Fewer Jobs, Exits Real Estate
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Nortel Networks Corp. NT.TO said on  Thursday it will eliminate almost 10 percent of its workforce,  slightly less than it previously expected, and consolidate real  estate in a cost-cutting plan that will save $500 million in  2005.
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AT&amp;T Corp. announced Thursday that it is cutting at least 7,500 more jobs and slashing the value of its assets by $11.4 billion, drastic moves prompted by the company&#39;s plan to retreat from the traditional consumer telephone business.
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Nortel Networks reversed a longstanding position that its revenue growth would exceed the overall market's this year.
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Nortel Networks Corp., North America&#39;s largest telephone-equipment maker, said third-quarter revenue will fall from the second quarter&#39;s $2.
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(InfoWorld) - A CFO who helped Nortel Networks recover from an accounting scandal and years of poor results is leaving the company after about two years on the job. Peter Currie, also an executive vice president, will leave April 30 to take on unspecified new challenges, according to a Nortel statement. The Brampton, Ontario, company is searching for a replacement. After Currie leaves, he will provide advice and assistance to ensure a smooth transition, the company said. Currie has spent much of his career at Nortel, including as CFO from 1994 to 1997. He returned in February 2005 following a scandal in 2004 that led to financial restatements and the firing of CEO Frank Dunn, CFO Douglas Beatty, and Controller Michael Gollogly. Currie replaced another CFO, William Kerr, who had stepped in after Beatty to complete the restatements. Under current President and CEO Mike Zafirovski, who took the helm in October 2005, Nortel has undergone a major restructuring and several management changes. Zafirovski has tried to focus the wide-ranging company, which faces many strong competitors, most notably Cisco Systems. Last year, Nortel formed a partnership with Microsoft to develop products for IP communications. Currie has steered Nortel through difficult financial issues and improved its corporate governance, Zafirovski said in a written statement. To have a complete facelift, Nortel needs more change in the executive ranks under Zafirovski, said Yankee Group analyst Zeus Kerravala, a long-time Nortel watcher. Customers want a clearer picture of where Nortel will focus its investments, especially now that it's working with Microsoft, he said. "There are a lot questions as to what Nortel looks like five years from now, but even next year," Kerravala said.
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Battered by a downturn in the housing market, the company is laying off about 10% of its workforce at its headquarters in Atlanta.
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The chief financial officer of Nortel Networks, Peter Currie, who rejoined the company in 2005 to help it recover from accounting problems, will step down on April 30. Nortel, the maker of phone equipment, said it had begun seeking a successor. Mr. Currie decided to pursue other interests, a spokesman, Jay Barta, said. Mr. Currie was chief financial officer from 1994 to early 1997 before leaving to become chief financial officer at the Royal Bank of Canada.
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Nortel Networks Corp. (NT.TO: Quote, Profile, Research) said on Thursday it will eliminate almost 10 percent of its workforce, slightly less than it previously expected, and
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Nortel Networks Corp., North America&#39;s largest maker of telephone equipment, said revenue in the third quarter will decline from the second quarter&#39;s $2.
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Nortel Networks Corp. will lay off approximately 1,400 employees in the US and about 950 in Canada, with those employees to be notified by the end of June 2005, the network equipment vendor said in a regulatory
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EarthLink Inc  said on Tuesday  it will cut about 900 jobs as part of a restructuring to reduce  costs, and its board authorized an additional $200 million  share buyback, sending its shares up 10 percent.
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Nortel Networks Corp. (NT.TO: Quote, Profile, Research) expects to report lower 2004 third-quarter revenues compared to the second quarter, North America&#39;s largest maker of telecom equipment
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A CFO who helped Nortel Networks recover from an accounting scandal and years of poor results is leaving the company after about two years on the job.
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SEPTEMBER 30, 2004 (REUTERS) - Nortel Networks Corp. said today that its cost-cutting plan will save $500 million in 2005, and even more in future years, as it cuts fewer jobs than forecast but plans to eliminate some of its real estate space.
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Shares of Nortel Networks Inc. NT.N  fell 6.6 percent in premarket trading on Thursday after the  telecommunications equipment maker said it expects  third-quarter revenue to fall from the previous quarter.
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NORTEL Networks plans to slash its workforce by 3500, or ten per cent, as it struggles to recover from an accounting scandal that toppled three top executives and led to a criminal investigation and lawsuits.
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Troubled telecoms giant Nortel Networks plans to cut about 3,500 jobs and fired seven more executives following the financial reporting scandal that has engulfed it.