To the surprise of no one, Nortel CEO Mike Zafirovski has departed his sinking ship, just before the final pieces of the wreckage are sold off to the highest bidder. He leaves “at a natural transition point” as the company is broken apart in bankruptcy and it reports double the losses it had last quarter, due in part to reorg costs.
Z blames the final disaster on the economic crisis, but that is a easy way out for poor marketing decisions and failing to trim costs sooner.