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Nortel CEO to get salary of $1 million, company delays financial statements
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AP Worldstream
- Article date:
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September 3, 2004
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AP Worldstream
09-03-2004
Dateline: TORONTO
Nortel Networks Corp.'s new president and chief executive, former U.S. admiral Bill Owens, will receive US$1 million a year in salary and could get a bonus of up to US$1.7 million, the company disclosed.
The telecom equipment maker, which is trying to resolve an accounting scandal, also announced that it would delay the release of long-awaited financial results by another month until late October, and may seek to again postpone its annual meeting.
Nortel's U.S.-traded shares fell 7 U.S. cents to close at US$3.83 on the New York Stock Exchange, then lost another 3 cents in late trading. The company, based in Brampton, Ontario, is required to file ...