Nortel: 'Tis the Season for More Bonuses
Nortel plans to pay 72 executives an aggregate US$7.5 million, CBC News reported Thursday, citing internal Nortel documents. The new bonus plan was approved in the fall.
Fourteen of the executives are due to get $500,000 or more. Among them is treasurer John Doolittle, who's essentially running things in the wake of ex-CEO Mike Zafirovski. His total compensation is getting bumped to $1.68 million from $560,000 last year, CBC reports.
This plan appears to be separate from the bonus plan filed with U.S. bankruptcy court in March, which included a proposal for a Key Executive Incentive Plan to pay $23 million total to 92 people, and another $22 million earmarked for 880 employees.
Zafirovski wasn't included in those numbers, but he found another way to (further) annoy Nortel's employees: He's a Nortel creditor, with a $12 million claim. (See Mike Z Wants $12M.)
— Craig Matsumoto, West Coast Editor, Light Reading