Nortel cutting 3,500 jobs, fires 7 executives
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Nortel Networks is eliminating 3,500 jobs and has fired seven more top executives as it struggles to deal with an accounting scandal that has prompted a criminal investigation.
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Nortel Networks said on Thursday it will slash its work force by 3,500, or 10 percent, 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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Telecommunications maker Nortel Networks (NYSE: NT) won&#39;t have to lay off as many people as expected. The Canadian company announced Thursday that it plans to lay off 3,250 employees - about 250 less than
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SunTrust Banks Inc. STI.N, the No. 7  U.S. bank, on Wednesday said it fired three finance executives,  including its chief credit officer, after finding "numerous  errors" in how much to set aside for bad loans.
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Nortel Networks Corp., North America&#39;s bigger maker of phone equipment, named Clent Richardson as its chief marketing officer, filling a position that was vacant for almost two years.
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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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The company announced the firings on Thursday along with a restructuring plan that included layoffs of about 3,500 employees.
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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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Aug. 19, 2004  OTTAWA  - Nortel Networks Corp.
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Nortel Networks Corp.   will slash 2,900 jobs, or 8.5 percent of its workforce, over the next two years and shift another 1,000 employees to lower-cost locations like China, India and Mexico as North America's biggest maker of telephone equipment struggles to shore up its profits.
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TORONTO -- Nortel Networks said yesterday it will slash its workforce by 3,500, or 10 percent, 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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NEW YORK - It certainly sounds like bad news when a company fires seven executives for financial malfeasance, lays off 3,500 employees and advises investors that it expects sluggish market growth for the year.
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SEC charges four execs The SEC today threw the book at four former Nortel execs for cooking the books. Frank Dunn, ex-CFO and CEO at the Canadian telecoms equipment maker, Douglas Beatty, ex-controller and CFO, Michael Gollogy, ex-controller, and MaryAnne Pahaphil, ex-assistant controller, are accused of manipulating secret cash reserves and recognizing revenues earlier than they should have done to meet Wall Street expectations and to line their own pockets.â¦
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TORONTO, Aug. 19 -- Nortel Networks Corp. said Thursday it will slash its workforce by 3,500, or 10 percent, 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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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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TORONTO -- Nortel Networks said yesterday it will slash its workforce by 3,500, or 10 percent, as it struggles to recover from an accounting scandal that toppled three top executives and led to a criminal ...
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Nortel Networks Corp. NT.TO delivered  long-awaited preliminary results for the first half of 2004 on  Thursday that showed estimated first and second quarter  earnings between nil and 1 cent per share, and North America's  biggest telecom equipment supplier said it would cut about  3,500 jobs.