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Nortel CEO Zafirovski steps down

Jim Duffy | Aug. 11, 2009
Nortel chief executive Mike Zafirovski will leave the struggling Canadian telecoms equipment maker, which overnight announced a net loss of $US274 million for its second quarter.

Nortel just reported second quarter results today. Revenue of $1.972 billion was down 25 per cent from a year ago, but up 14 per cent sequentially. The company posted a net loss of $274 million, more than twice the net loss of $113 million from a year ago.

 

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