As 1,000 Ottawa residents breathe a sigh of relief that they can keep their jobs despite Ciena taking over Nortel's optical division, Nortel announced its top executive will lose his job this weekend.
Pavi Binning, Nortel's chief financial officer for the last six months, will step down on Monday when the takeover takes effect. He received $2 million in the past year, with half of that in bonuses.
The original takeover price was just under $800 million, but Ciena was able to save almost $70 million dollars based on capital assets available at closure.
Binning took over top position in August, when former chief executive Mike Zafirovski resigned.
