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U.S. markets recover from steep losses
TORONTO, Aug. 10 (UPI) -- Canadian communications giant Nortel said Chief Executive Officer Mike Zafirovski would step down after second quarter revenue dropped 25 percent.
The company said Monday it would reduce the size of its board from nine to three members, keeping David Richardson to serve as chairman, effective today.
John MacNaughton and Jalynn Bennett remain on the board, the company said in a statement.
The quarter for company, which is shedding assets while in bankruptcy protection, included a sale of its wireless division to Ericsson for $1.13 billion.
"Since filing for creditor protection, the company has been successfully stabilizing its businesses and maintaining customer commitments and innovation platforms," Zafirovski said. But the company said it came time for a "natural transition" to occur.
Nortel said revenues fell to $1.97 billion in the quarter, 25 percent lower than the second quarter of 2008.
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