Business Services Industry
Nortel Networks Announces 20,000 Job Cuts, Restructuring Plan.
Knight Ridder/Tribune Business News, October, 2001
By Vikas Bajaj, The Dallas Morning News Knight Ridder/Tribune Business News
Oct. 3--Nortel Networks Corp., struggling with an unprecedented decline in its business, said Tuesday it would lose 20,000 workers through dismissals and sales of divisions in addition to the 30,000 it previously said it was shedding.
The company said it will lose $3.6 billion in the third quarter, with much of the loss coming in the forms of inventory and goodwill write-offs and restructuring charges related to the job cuts.
Nortel also said chief financial officer Frank A. Dunn would replace president and chief executive John A. Roth effective Nov. 1. Mr. Roth was expected to retire in April, but will now serve as vice chairman until the end of 2002.
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