A CEO Who Shares the Pain

Ford's CEO also promised $1 salary if bailed out… time for Z to follow suit

$1 salary ofset by million dollar bonus. Not hard for Ford Ceo to say.

CEO and top exec make more on bonus and option then salary.

I don't know about you but if I was a happily retired Cisco exec,I wouldn't be the slightest bit interested reading a blog that talks about a competitor's issues among other bloggers.

Come to think about it the “GEniuses” referral to Nortel's execs seems to be quite popular around here.

Ask any lawyer in Toronto, everyone knows Nortel's pay practices are outright exorbitant.

Nortel loses money for a decade and this green CEO makes more the BCE's

They still have board members sitting on the voting audit committee to approve rewarding financial innovation and lottery sized exorbitant pay practices as they cut staff and lose money….trying to sell assets or borrow their way out of an increasingly dire situation…

They can't dilute 100M shares a year into a bloated value under the oxymoron of “to keep good people”

Instead of taking a pay cut, they want 20% more
They cut staff instead
promotes than fires pals
as the company stock trades at a fraction from when he was hired and at a fraction of when last neared folding

They also paid a premium to pay his past employer for violating a contract he signed on several occasions let alone acquisitions or lost leader deals for revenue sake.

Do they even care about the company short of their carrot?
spend spend spend… and cut cut cut doesn't seem to balance
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Ford says CEO will work for $1 to get loans

TOM KRISHER and KIMBERLY JOHNSON
Tuesday, December 02, 2008
DEARBORN, Mich. — Ford Motor Co. will tell Congress that it plans to return to a pretax profit or break even in 2011 when its CEO appears before two legislative committees this week.

Also, CEO Alan Mulally said he'll work for $1 (U.S.) per year if the automaker has to take any government loan money.

The plans Ford submitted to Congress on Tuesday also say the company will cancel all management employees' 2009 bonuses and will not pay any merit increases for its North American salaried employees next year.

The company also said it will sell its five corporate aircraft. The CEOs of all three Detroit automakers were harshly criticized during congressional hearings last month for flying to Washington in separate corporate jets while seeking loan money.

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will Nortel sell its new jet it justifying buying because it is more green…

instead it sells assets in an Oil town that came out of ghost town as oil trades declines again trading at 46.96 right now and at 2004 levels. As good as timing as selling MENs…

Never mind the owners / shareholders decline to as good as zero, management sees big bucks, like the head of OSC Wilson, with NT's ex Liberal finance minister on the board, following one of the highest ranking US military officials, in their hard to fill roles, who dares question them.

There you go again with rampant personal attacks adding no value to the discussion but instead trying just to incite hate. Have you already run out of ways to pump your NT stock?

Makes sense, though it's sad to say. The current Nortel exec likes to think of themselves as spiritually descended from Welch, the man who appears in all of their wet dreams. With these grand delusions they have continued the company's slide into oblivion.

They believe themselves to be great leaders, yet what have they led? The fact that Nortel has survived so long under them is not a testament to their leadership, but rather a testament to the determined workforce that has managed to cope with the astounding lack of leadership!

It'll never happen at Nortel….NEVER!

“These guys couldn’t lead flies to shit…–bb”

Finally, an eloquent summary of the root problem at Nortel that everyone can understand. Well done.

Have you ever protested the use of the term “Bushitler”? Is it not somewhat disconcerting that the abovementioned word's most ardent users have just successfully elected their favorite president into office, dubbed the Messiah of the New Age?

You're basically correct that the BOD could never find somebody else to take Mike Z's place, although I woud like to add a little more detail:

1. No credible candidate from outside Nortel would be willing to risk his career by stepping into such a train wreck of a company.

2. The option of promoting internally from the 2nd executive tier, as Nortel has done in the past, has little value since this tier is occupied by Mike Z's lackeys, e.g. Joel Hackney.

Thank you; just stating the obvious…–bb

As I have stated many a'times before, Nortel's workforece are the real World-Classers…–bb

John Roese erased my blog post on his farewell posting proving, once again, that ZAFIROVSKI HIRED NOTHING BUT A BUNCH OF COWARDS!!!!!

John Roese – the pen will always be a weapon against cowards like you….–bb

Be the pro that you are and keep on plugging…–bb

Lets recap:

Nortel was a century-old institution founded on the basic tenets of modern socialism – fairness, equality and opportunity for all, for free – steeped in ancient culture and therefore ever supportive of the ideas of evolution and progressive science… but rather predictably brought to the edge of financial ruin within 3 years by a capitalist American.

To the average American who judges the “worth” of a human life solely by their bank accounts Nortel looks like dead meat, but it has in fact moved forward, well into Aquarius, by reaching out to the re-emerging global village of yore which values love, caring, cultural and intellectual exchange far above and beyond empty monetary gain and earthly possessions.

Imagine there's no heaven, no hell. Imagine all the people living for today. Imagine there's no countries, nothing to kill or die for.
And no religion too. Imagine no possessions, no need for greed or hunger. A brotherhood of man. Imagine all the people sharing all the world.
I imgaine I see the the global paradise that surrounds lower North America.

Said former US messiah Jimmy Carter: “In many countries around the world — my wife and I have visited about 125 countries — you hear John Lennon's song 'Imagine' used almost equally with national anthems.”

Millionaire songwriter John Lennon cautioned: “The Buddhist says, 'Get rid of the possessions of the mind.' Close enough. For example, Nortel's friends and partners, the Chinese, don't hate Tibetian Bhuddist the Dalai Lama. They merely disapprove of his persistant materialism. Its all a mere misunderstanding to the uncultured roundeye languishing in his Wild West past.

I imagine the secular bear will move Nortel will go private, keep everyone on the payroll at *equal* wage and with *full* benefits, unless they choose to seek employ elsewhere. I imagine nobody would.
Nortel will forthwith only barter goods and services with like-minded villagers, forevermore unsullied by the ruinous temptation of evil Mammom.

Mike Z, too, will someday unload the possessions of his mind. In a green Z-mail, I imagine. Maybe even pen a song on recycled stock made from discarded dollar bills – “greenbacks”. How poetic. Greenback, back to green.

I imagine the Children of Nortel will one day engineer an airplane or spacecraft without (the grossly misinterpreted western version of an Indian) caste-like first-class section, but in which every passenger has a window seat next to the pilot, who, like his assengers, flies for free because he wants to sit among the noble masses and learn about each and every one.

Keep on imagining,

Jim Jones, jr

Despite what you think, you are not enlightened, clever, or elevated above anyone else. Please, however, continue your childish rants. And make them as transparently anti-USA as possible – I don't think you're trying hard enough.

You're right. If they didn't do anything, things would probably be better. Problem is, they DO do stuff. It just ends being the wrong stuff.

Couldn't have said it any better myself. Though, maybe:

8. Do you blame NT's low stock price on media bias, propaganda and haters/AAN?

Points 1-7 apply directly to most of current (not all) NT managment.
At least the ones who have been there 10 years or more.
But I would not call six figure salaries puny in their cases.

6 figure salary they get is puny when compared to what the top dogs get. Its pocket change. Compare a line manager at 120000 to 500000 for a board chairman attending 16 meetings likely 1 hour each, of which at least half must be going thumbing his little corporate Blackberry.

On question 8 below NT low price is what NT is worth. It has nothing to do with AAN, propaganda, haters etc. Going by the same thought, if we were all to do a song and dance on NT, do you think it will go back to $30. Come on. NT is worth 0 and many analysts have said so.

What can you say about a company that generates over 10 billion but not a single cent in profit going to the bank?? And people think AAN is responsible?

Only management and the board are responsible. You cannot blame this on economy, shareholders, media, NT employees, customers. If you did, there is no need for management or a board.

Z is not even worth paying 1 nortel share at 51 cents. he creamed the business in 3 years, something no Nortel CEO has done in over a 100 years.

sounds awful does it not. we can play the same marketing game he does.

you and all who you can find should offer publicly to put your entire salary on the line and work for $1. only then will management Director and above get the hint and take a pay cut. until they are humiliated, they will only fill their pockets, thick headed and thick skinned as they are.