Nortel Networks’ CEO Mike Zafirovski can leave the troubled supplier of telecommunications equipment within the coming back weeks, The Wall Street Journal reported on Saturday, citing anonymous sources.
Zafirovski, who previously was president and chief operating officer of Motorola, became Nortel Networks’ CEO in November 2005 and tried to show round the struggling Canadian company. However, Nortel Networks ended up seeking bankruptcy protection in January of this year and is currently selling its assets to pay creditors.
Last week, Nortel got the inexperienced light-weight from U.S. and Canadian courts to sell its enterprise business to Avaya or at auction next month.
In late July, Sweden’s LM Ericsson won the bidding war over Nortel Networks’ wireless assets, agreeing to pay US$1.13 billion for the company’s CDMA business and LTE Access technology.
In June, Nortel Networks accepted a $650 million provide from Nokia Siemens Networks for its CDMA and LTE assets. {that provide|that provide|that supply} set the stage for personal equity firm MatlinPatterson to leap in with a counter offer of $725 million for the wireless assets. analysis in Motion additionally created a proposal for the assets however was barred from the sale when a bidding procedure dispute with Nortel.