Nortel CEO steps down

Nortel announced today that CEO Mike Zafirovski is leaving the company, as well as the majority of the board of directors.

This annoucement followed news that the tech giant, operating under bankruptcy protection, suffered a loss of $274 million U.S. last quarter.

According to a press release from Nortel, Zafirovski and the board of directors “believe the company has reached a natural transition point.”

Along with Zafirovski’s departure, the board of directors has been reduced to three members from nine.

John A. MacNaughton, Jalynn H. Bennett and David Richardson remain, with Richardson serving as chairperson.

Zafirovski took the helm at Nortel in 2005 and his resignation is effective immediately. There has been no word so far on a replacement.