In August this year, the final curtain fell on Nortel when its president and CEO Mike Zafirovski stepped down.
After suffering losses of $5 billion last year and then undergoing bankruptcy protection in Canada and the US in January, Toronto-based Nortel announced to wind itself up by selling its various businesses to pay off creditors.
Zafirovski, an American who joined Nortel from Motorola, said, "We have taken many steps. We have completed the organizational moves of Nortel's businesses to vertically integrated, stand-alone business units."