Nortel CEO Quits

Nortel Networks, the bankrupt telecom equipment maker that is in the process of dismembering itself and selling off its pieces, says President and CEO Mike Zafirovski is leaving the company. Nortel is trying to put a happy face on the story, but the fact remains that the company is no different than the Titanic — going nowhere but down. The company recently auctioned off its CDMA/LTE business to Ericsson for $1.13 billion, a controversial move that has Canadian politicians up in arms, thanks to some very public foot-stomping by Research In Motion. No wonder Zafirovski, a former Motorola executive, wants to get out of there.