Nortel CEO Won’t Take A Pay Cut Even Though His Company Is In Creditor Protection….WTF?

I’m not sure what drugs this guy is smoking, but check this out. Nortel (you know, the currently TITSUP Nortel) CEO Mike Zafirovski has no plans to cut his salary even though his laid off employees, retirees, and suppliers are all going to get hosed by the fact that Nortel is in creditor protection:

In an interview on Tuesday, Mr. Zafirovski noted that his base pay of US$1.2-million has not changed in several years and that he and other executives will receive no cash bonuses for 2008.

While some executives of top companies have cut their pay to US$1 when their companies hit trouble, Mr. Zafirovski said those executives also typically got stock option awards in the US$25-million range.

“This a very different environment today, though our plans (for 2009 compensation) have not been finalized.”

Hello? Earth to Mr. Z? Are you on the same planet as the rest of us? Get a clue! You need to show that you’re trying to do something other than line your pockets with cash while Nortel dies.

Hopefully somebody gives him a kick in the ass helps him to see that this is a really bad idea.

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