Nortel fired CEO Frank Dunn [pictured] yesterday. We had two pieces on CTV National News last night. [Look for the Video links at this page where you'll also find some additional information]
My colleagues at the Globe and Mail have a pile on this as well, as do most of the world's major business papers. It's the top item, for example, in today's Wall Street Journal.
Two key phrases in Nortel's press releases yesterday: First, the company said Dunn “was terminated for cause.” I've never seen that at a company of Nortel's size. Usually, when a CEO gets turfed, they put a positive spin on things like, “left to pursue other opportunities” or some such puffery. So good on Nortel for being frank (if you'll pardon the pun). Now we'd like to find out what exactly was the cause.
Secondly, Nortel made the remarkable admission that its earlier financial statements “should not be relied upon”. The company is continuing its investigation but there's no clue when it will get to the bottom of things.