Nortel's former boss wants $12m pay off

Nortel's former CEO Mike Zafirovski is trying to get millions of pounds from the insolvent networking equipment maker.

Zafirovski, who...

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Nortel's former CEO Mike Zafirovski is trying to get millions of pounds from the insolvent networking equipment maker.

Zafirovski, who left the company in August, is claiming more than $12m, according to Financier Worldwide.com

A filing at a US bankruptcy court revealed that this includes $2.4m - the equivalent of two years' pay - $3.8m in bonuses under a company's incentive scheme, $50,000 in insurance benefits, and at least $6m in pension benefits.

"I think it is safe to say that I was shocked," said a spokesman for Nortel Retirees and former employees Protection Canada. "I was amazed and I am frankly staggered by his effrontery."

Nortel filed for bankruptcy protection in the US and Canada in January. In September, Avaya won an auction to buy a division of the company for $915m.

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