CEO Mike Zafirovski Out at Nortel

Mike Zafirovski, CEO of troubled Nortel Networks, says he will step aside in the coming weeks.

The global economic crisis took its toll on Nortel, but many analysts say the Canadian equipment-maker’s fall started long before last year. Zafirovski often takes the brunt of the criticism.

Zafirovski appeared before Canadian lawmakers in June to explain why some executives were still getting bonuses after the company filed for bankruptcy, while at the same time, employees were being laid off and both severance payments and pensions were being cut.

Zafirovski took the helm at Nortel in 2005 after what most in the industry considered successful turns at Motorola and General Electric.

Nortel recently sold its wireless unit at auction to Ericsson and its enterprise unit goes on the block next month.