Nortel Buys Out Two Former Executives As Part Of Shakeup
Posted March 1, 2006 7:58 a.m. EST
RESEARCH TRIANGLE PARK, NC — Pascal Debon and Brian McFadden, former executives with
, received separation packages from the company when their employment was ended as of Dec. 23, the company disclosed in an SEC filing on Tuesday.
New Nortel Chief Executive Officer Mike Zafirovski has been making numerous changes in Nortel management since taking over the company last fall.
Debon, a former "senior advisor", will receive a lump sum payment of $295,000 on June 24 and bi-weekly payments of $22,692 through Dec. 28 of 2007, the company said. Debon will also receive 10 weeks of vacation pay and other benefits, the filing reported.
McFadden, former chief research officer at Nortel, will receive his base salary for the next two years, the company said. The amount was not disclosed. He also will receive 10 weeks of vacation pay and other benefits, the filing said.