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Nortel cuts 19,500 more jobs; announces new CEO
Last Updated: Tue Oct 2 17:56:04 2001
TORONTO - Nortel Networks announced 19,500 more job cuts Tuesday, warned it would post another huge quarterly loss, and introduced a new CEO – a company insider who, in less than a month, will assume the burden of guiding the former market darling out of a sea of red ink.
Frank Dunn will become Nortel's new president and CEO on Nov. 1
The company had previously announced plans to cut its staff by 30,000 employees this year as business spending on telecom equipment gear dropped off dramatically.
With the new job cuts, the company will have about 45,000 workers. It began the year with about 94,500.
Some of the new cuts will be made by selling off "non-core" business lines; the rest will come through layoffs.
Nortel said its Q3 net loss will be $3.6 billion US. The company said its Q3 net loss will include $1.3 billion US in "incremental" charges, $735 million US for restructuring and $650 million US in asset amortization.
The telecommunications firm, which has seen its revenues, bottom line and stock price plummet dramatically as the economy slowed, lowered its Q3 revenues from continuing operations to roughly $3.5 billion US.
The company said it was also lowering its break-even revenue target from $5 billion US a quarter to "well below" $4 billion US.
Amid all the bad news, Nortel CEO John Roth gave signs that the long downturn may be showing signs of stabilizing.
"While the magnitude of the market adjustment from previous levels of expenditures has been challenging, we believe we are beginning to see some early signs that the expected capital spending by service providers is approaching sustainable levels,'' said Roth in a release.
Frank Dunn named Nortel's new CEO
With that, the company also announced that its search for a new CEO to replace Roth had come to an end.
Frank Dunn, a 25-year veteran of Nortel and currently the company's chief financial officer, will take the helm as of November 1.
In May, Roth said he would step down in April 2000. Now, Roth says he will remain as the company's vice-chairman until the end of 2002.
Terry Hungle, formerly president of finance for Nortel Networks Americas, will be Nortel Networks new chief financial officer, replacing Dunn.
Nortel will announce its official third-quarter results on Oct. 18.
Nortel shares closed Tuesday at $8.33, down 25 cents on the day, and down more than 90 per cent from their high of $124.40 back in the summer of 2000.
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