Teamsters Canada

Teamsters Canada

March 06, 2008 15:18 ET

The Teamsters Union is Outraged by the Salary Paid Out to the President of Nortel

MONTREAL, QUEBEC--(Marketwire - March 6, 2008) - On March 2, the media reported that Mike Zafirovski, CEO of Nortel, earned a total remuneration up by 22% over the previous year-despite the turmoil and layoffs afflicting the corporation.

According to documents filed with the Securities and Exchange Commission, Mike Zafirovski earned a total remuneration of $10 million in 2007.

Moreover, he is not the only senior manager at Nortel to have benefited from a total salary increase last year.

"We were hit hard by the announcement of the closure of the St-Laurent Flextronics plant, a client of Nortel," states with indignation Serge Berube, president of Teamsters (FTQ) Local Union 1999, which represents the 700 Flextronics employees. "I am outraged by the attitude of Nortel's leaders. What is the message they are sending to the workers?"

The St-Laurent Flextronics plant builds leading-edge computer network prototypes. The skills developed by this plant's workers are unique to Montreal, and the transfer of its activities to Mexico has left several industry observers in disbelief.

Moreover, the value of Nortel shares has plummeted by more than 50% over the last 12-month period.

"While the employees are losing their jobs, the bosses are benefiting from salary raises. Could someone explain to me the logic behind that?" demands Mr. Berube.

The Teamsters Union will present its case to various government levels concerned by the closure of the St-Laurent Flextronics plant.

Contact Information

  • Teamsters Canada
    Stephane Lacroix
    514-609-5101