A Good Year for Mike Z.

By Mark Evans | Published: March 22, 2007

According to the Ottawa Citizen, Nortel paid CEO Mike Zafirovski a sweet $8.27-million last year, while CFO Peter Currie made $2.25; Richard Lowe (head of carrier operations) $2.19-million and Dion Jonnou (head of North American operations) $2.11-million. Meanwhile, Brandes Investments Partners doubled its stake in Nortel to 10.8% from 5.4% las year.

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  • pierre

    I guess we can expect some big contributions from these rich senior execs to the Nortel laid-off employees benefit fund. One has to wonder why the board pays so much for such lousy financial performance.

  • oneof34kleft

    and they say i might get a 1400 dollar bonus next week. it’s good to know that they have money to pay the people at the top for runnig this company in the ground

  • employee

    funny, this is the kind of managment that has run the company into the ground. they care so much for their millions and ignore the overall performance. walk over anyone in the way and get your money. if only nortel management would truly care about nortel and show they too sacrifice, then the company might turn around. there is no loyalty to such behavior and shouldn’t be. the average employee should act just like the managers and take all you can get until management can show they are better.

  • klot

    I guess this is not pay for performance. 2006 was a dismal year financially and otherwise (sold UMTS, lost Sprint WIMAX, restatements, etc.). Why are the big Ziberooni, Lowe, Currie, et al worth multi-millions?? I guess if the company goes bankrupt we can expect them to get paid even more? This board is more clueless than the last board, and certainly more generous.

  • Last Hurrah

    From oneof34kleft and employee’s comments, it looks like the GE way has taken Nortel over. I recall John Chambers took $1 in salary in 2001 or 2002 when Cisco was not doing so well. Clearly Nortel’s new leadership still has no real credibility within the corridors of the company. Nortel’s management seems to get more than their fair share regardless of how the company does financially. The shareholder meeting should be an interesting one indeed.

  • one who cares

    It appears the NT Directors will vote for anything that improves their fellow exec’s bottom line! (They might want their vote some day too).
    Look at the 1 for 10 scam for example. They counted ‘number of shares only’ for and against! Guess who had the most shares under $4.ea? Ofcoarse they will vote the lot knowing the value will reach at least $40.per share.
    Everyone else—who cares!

  • Disappointed Shareholder

    I agree that this has been a good year for Mr. Z…HE made lots of money for HIMSELF and his “new” management team. Not so good for us poor sap shareholders.

  • Sunny Miami

    One explanation for the attractive compensation may be talent retention…but if the results are not coming in, then these presumed rainmakers cannot and should not expect sky-high compensation year after year..that $60B USgovt. contract looming in the horizon should be a direct metric of Mr. Jonnou’s dealmaking abilities as head of North American ops..if Nortel doesn’t get a leading role in it and his compensation still remains in the $2M+, then to label the BofD irresponsible and shameful would be an understatement…this is the big leagues and what one accomplishes in the past(with Vodafone) will be forgotten tomorrow.

  • many

    Talent retention?!? That assertion does not pass the laugh test.

  • Nortel Retard

    It seems amusing that we can’t R&D funding for small projects (that would lead to some sales) and the board hands out millions for “talent” retention. No wait, it isn’t.

  • Vodafone

    No, it’s not Nortel, this is the result of a bad management. I don’t know where money go, and we can’t see anything of their trail. So it’s nothing amusing, buy we can least hope.Vodafone

  • Texas Alien

    Last Hurrah
    Mar 31, 2007 at 3:47 pm

    Quote “John Chambers took $1 in salary in 2001 or 2002 when Cisco was not doing so well”

    Yes but he cashed out 100million in Cisco Stock…please, the whole Cisco is so great makes me want to throwup. Can you Cisco pukes get a grip on reality?

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