Given the acres of adverse press heaped on the financial affairs of Nortel Networks in recent years, the role of chief financial officer at the Canadian vendor must be one of the most challenging and most scrutinised in telecoms.~
Nortel`s board must think so too, as it will pay its new CFO up to $1.5 million this year.~
In a securities filing yesterday, Nortel said that Peter Currie will receive a base salary of $600,000 a year, plus a signing-on bonus of $300,000. He will also be entitled to an annual bonus equivalent to his base salary.
And in a nice welcoming gesture, Nortel has already guaranteed that he will receive the full bonus amount in 2005, whatever his performance, pro-rated for the number of months of active employment this year. Non-targets met already! Well done!!~
Nortel`s previous CFO was fired last April, shortly after its then-CEO was also sacked.~
The company last month finally restated its disputed financial accounts, and hopes to put its recent chequered past behind it. Current CFO William Kerr had been in the job less than a year, before he announced his departure in January.~
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