With the Good Friday holiday, I have been catching up on my reading, which lets me check out some of the proxy circulars that arrive this time of year. It is another sign of spring – who knows when (dare I say, “if”) we might actually see the birds return this year.
A year ago, when I was flipping through the 2007 proxy materials from Nortel, I observed the remarkably low tenure of the senior officers.
At the time, I wrote:
Only one officer, the treasurer, has been in their role more than a few years. Of the 28 listed executives, just one was appointed in 2004, 12 in 2005 and 14 in 2006.
Fast forward to this year’s proxy circular. Now, there are no officers that pre-date 2005, when President and CEO Mike Zafirovski joined the company. Besides Mike Z., there are now just 4 others from 2005, and 13 remain from 2006.
Last month, I referred to John Roese writing about the journey to transform Nortel. The proxy statements demonstrate the amount of change that is leading the company.
Nortel President and CEO, Mike Zafirovski will be speaking at The 2008 Canadian Telecom Summit in June.
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