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Nice Work, Mr. Currie
By Mark Evans | February 6, 2007
After two years as Nortel’s CFO, Peter Currie has decided to resign - a decision that has to be a surprise to many Nortel watchers given Currie has played an instrumental role in the company’s rebound from an accounting scandal, and he seemed to be an integral part of CEO Mike Zafirovski overhauled senior management team.
Truth be told, Currie’s decision to do a third stint at Nortel (he worked there from 1979 to 1992, and 1994 to 1997) struck me as a little strange. It was like he felt an allegiance to Nortel at a time when the company needed all and any help it could get, so going back to Nortel for a third kick at the can seemed as much a gesture of goodwill and doing the right thing as a career move after he missed out at the top job at Royal Bank of Canada.
An interesting comment on Currie’s departure comes from UBS analyst Robert Dennison, who believes it could signal “a more acquisitive Nortel. We believe his departure is likely due to Nortel looking to be more aggressive in pursuing growth via M&A given the likelihood that most restructuring initiatives and internal financial controls are likely in place,” he said in a research report. Dennis rates Nortel as a “neutral” with a price target of $26.
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Topics: Executive Suite |
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