Nortel execs have apparently taken leave of their senses altogether. The company is completely in the crapper and the hangman is waiting on the scaffold for the company. The execs have seen fit to dole out $45 million in bonus cheques? I’m really not sure I can wrap my head around this one.
From the Toronto Star:
A Canadian court has allowed eight senior executives at Nortel Networks Corp to share in the bonuses the telecom equipment maker plans to pay out even as it fights for survival in bankruptcy protection.
Nortel already had court approval to pay out a total of $45 million in bonuses for close to 1,000 executive and nonexecutive employees.
Friday’s ruling by the Ontario Superior Court makes the eight senior executives, who do not include Chief Executive Mike Zafirovski, eligible to receive a share of this money, company spokesman Mohammed Nakhooda said.
Maybe I’m a touch out of it but, where is the logic here? The “retain talent” spin is obviously not worth the cash when you consider the bang up job that they’ve been doing. And to make matters even worse (or to finance the institutional theft) they recently cut 3,200 employees with no severance. I usually avoid profanity but, this is just fucked.