Nortel reports Q2 net loss of $274 million, Zafirovski steps down

TORONTO – The same day that struggling Nortel Networks reported a net loss of more than double that from the same period last year, president and CEO Mike Zafirovski announced plans to step down, effective immediately.Saying the company has reached “a natural transition point”, the Nortel board of directors also announced that it would cut its members from nine to three. John MacNaughton, Jalynn Bennett and David Richardson will remain on the board as well as serve on the company’s audit committee. Richardson was also named as chair."We've reached a logical departure point," said outgoing board chair Harry Pearce in...