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Time for Nortel chief to cut perks?

Package With Nortel Networks Corp. in bank­ruptcy protection and its future uncertain, some observers are saying it’s time for CEO Mike Zafirovski to fall on his sword when it comes to hefty executive compensation packages and perks such as use of the corporate jet.

Package With Nortel Networks Corp. in bank­ruptcy protection and its future uncertain, some observers are saying it’s time for CEO Mike Zafirovski to fall on his sword when it comes to hefty executive compensation packages and perks such as use of the corporate jet.

Nortel paid millions to entice Zafirovski — who had played a key role in turning around Motorola’s handset business — to take the top job at the Toronto-based maker of telecomm­unications gear in 2005. But Zafirovski has so far been unable to work the same sort of magic at Nortel, which has lost nearly $7 billion during his tenure despite a massive restructuring that included thousands of job cuts and a refocusing of the business.

 
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