Make that a million and one (see Nortel Provides Status Update ).
Nortel Networks Ltd.'s (NYSE/Toronto: NT) restatement of its 2003 earnings came with this little ray of sunshine from CEO Bill Owens: "It has become clear that we will need to put into place an improved cost structure to drive financial performance."
The Street cheered Nortel for its cost-cutting plans and the fact that it has amassed $3.6 billion in cash and investments. Despite an 11 percent drop on Thursday, Nortel shares still closed up 6 percent for the week. The company's shareholders smell victory, but some employees may not win. Let the hand-wringing begin.
And while the hands are wringing, let's review some of the other hirings and firings of the past few days:
These executives include Taf Anthias, Suzanne Stout, Jeff Krause, Mark Farino, and Mark Sherwood. Krause was the VP of Cisco's network management technology group. Information on the other executives wasn't readily available, but all have one thing in common: On the org chart, those executives occupy the same line of seniority as Larry Birenbaum, senior VP of Cisco's Ethernet access group, who has taken a leave of absence.
"Extel's recent decision to cease direct sales of expandsl in the USA market and explore an alternative partnership supply chain model was taken after considerable analysis and deliberation by the Board of Directors," the company told employees in an email message. "The decision should not in any way be interpreted as dissatisfaction with the exceptional job carried out by you and the Extel Inc team that you established."
That said, Extel competitors may want to note that Dana Hartgraves, the company's former VP of sales and marketing for North America, and several other employees are now hitting the streets with resumés in hand.
It was a long way to go for a punchline, we know. In the bad joke marathon, we're the Kenyans. But the groaner did elicit a response from Kirchdorfer, who writes to say he's formed a telecom consulting business called Domaine Group LLC, which specializes in helping small to mid-sized companies. Yes, rather than get into the security biz, Kirchdorfer has become the master of his own Domaine.
Even more brief, here are more headlines on the week's appointments and disappointments:
- ECI Appoints COO
- Tellabs Exec Quits to Head Spirent
- VIB.TV Appoints CTO
- IDT Appoints Sales Exec
- FLAG Names Oommen as CTO
- MCI to Ebbers: Timberrr!
- BellSouth General Counsel Resigns
- Marconi Moons Over Crescent
— Phil Harvey, News Editor, Light Reading