When Mike Zafirovski resigned as bankrupt Nortel Networks’ CEO last year, the company said he did not receive a severance package.
Enterprise chief Joel Hackney, who now works at Avaya, got $1.67 million in incentive earnings. Wireless head Richard Lowe got $1.57 million – he’s an Ericsson employee post-wireless auction. Their total compensation last year added up to $2.19 million and $2.41 million, respectively.
Hackney and Lowe earned the incentive money by meeting a number of criteria, one of which was – you guessed it – slashing jobs.
Meanwhile, Pavi Binning, who’s leading Nortel as it completes its auction efforts, raked in $1.95 million, $1.33 million of which was bonuses. Joe Flanagan, former COO, got $1.6 million total, $1.1 million of which was bonuses. Chief strategy officer George Riedel took home $1.5 million, $997,875 of which was bonuses. And Phillipe Morin – who led the optical networking unit and will work for that division’s new owner, Ciena Corp. – got $1.19 million total and $719,424 in bonuses.
Nortel also doled out $1.4 million to 10 former and current directors, and paid $140 million to lawyers, pension, human resources and financial experts helping to oversee the company’s bankruptcy proceedings.