Thursday, December 03, 2009

Nortel Pay Increases

Nortel will increase pay to top executives. This is the same company that filed for bankruptcy protection in January 2009. How does this make sense when so many little people within Nortel were laid off? Fourteen of the executives will earn over $500 thousand. Interestingly, the biggest earner under the new compensation plan is former treasurer John Doolittle. He took over as head of the company's corporate group. Doolittle's total compensation has been bumped to $1.68 million this year, an increase of 1.12 million over 2008, when he earned $390,000 US in salary and an estimated $170,000 US in investment and bonus money. Isn’t all this just a bit hard to understand for the average person on the street.