Feeds

Zafirovski to walk from Nortel with 'head held high'

CEO will leave bankrupt firm soon

Top 5 reasons to deploy VMware with Tegile

Nortel CEO Mike Zafirovski has said he will soon step down from the stricken firm and "walk out with my head held high."

The ex-Motorola exec, who was brought in to try and drag Nortel back from the abyss, but instead has presided over its collapse and breakup, told the Ottawa Citizen that he had been approached to run other companies.

He said that "obviously I'm not going to be a CEO of a residual company dealing with patent assets and claims."

That is where Nortel is heading, of course, as it auctions itself off slice by slice, after collapsing into bankruptcy in January.

Zafirovski joined the firm is 2005, not long after he'd been passed over for the top slot at Motorola, despite being credited with turning around the lumbering giant's mobile arm.

Nortel was only just beginning to get over the dot com meltdown and a succession of accounting scandals.

However, Zafirovski's efforts were scuppered by yet another financial downturn - which began in 2007 or 2008, depending on your point of view.

Either way, capital spending shrank, as did access to credit, which meant Nortel went into relapse and this time was unable to recover.

"We wanted a great transformation and gave it one hell of a run," he said. "We were on the verge of one, but the world turned upside down."

"But once we got here [into bankruptcy], our goal became 'let's make this one of the better examples of what it's possible to do in Chapter 11."

Funnily enough, Zafirovski lost out for the top job at Motorola to former Sun exec Ed Zander. And we all know how well that turned out. As for Sun, it arguably also never recovered from the dot com crash.

Is there a moral to all this? Only, perhaps, that companies should not find their CEOs from the back of the phone book. ®

Internet Security Threat Report 2014

More from The Register

next story
Just don't blame Bono! Apple iTunes music sales PLUMMET
Cupertino revenue hit by cheapo downloads, says report
The DRUGSTORES DON'T WORK, CVS makes IT WORSE ... for Apple Pay
Goog Wallet apparently also spurned in NFC lockdown
Hey - who wants 4.8 TERABYTES almost AS FAST AS MEMORY?
China's Memblaze says they've got it in PCIe. Yow
IBM, backing away from hardware? NEVER!
Don't be so sure, so-surers
Microsoft brings the CLOUD that GOES ON FOREVER
Sky's the limit with unrestricted space in the cloud
This time it's SO REAL: Overcoming the open-source orgasm myth with TODO
If the web giants need it to work, hey, maybe it'll work
'ANYTHING BUT STABLE' Netflix suffers BIG Europe-wide outage
Friday night LIVE? Nope. The only thing streaming are tears down my face
Google roolz! Nest buys Revolv, KILLS new sales of home hub
Take my temperature, I'm feeling a little bit dizzy
prev story

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
Simplify SSL certificate management across the enterprise
Simple steps to take control of SSL across the enterprise, and recommendations for a management platform for full visibility and single-point of control for these Certificates.