Nortel Shrinkage Continues… and Senior Executive Bonuses Expand
Current Staff Tally
30,000 – 1,800 (announced in 2008) – 3,200 (announced Feb 25th) = 25,000
Of the 3,200 – 1,000 in Ottawa are at risk according to the Ottawa Citizen.
The Citizen reported on a rather odd sounding bonus plan that Nortel has recently put in place – $43M goes to 1,000 employees ($23M of which would go to 92 senior executives), $3M to the rest. This is intended by Nortel to motivate the employees – it is not clear if it will motivate as much as it will infuriate.
Ernst and Young, the court appointed monitor, has Nortel related reports published here.
Letters to Nortel from the Recently Severed Canadian Nortel Employees (RSCNE) are at http://rscne.wordpress.com/