Frank Dunn — You’re FIRED!
Nortel fires CEO Dunn, reports the Globe and Mail. The CFO and the controller get the boot as well, and the stock drops 27%. Not sure anyone has their hand in the cookie jar. Sounds more like they don’t know where the cookies are… Interestingly, Merrill Lynch maintains it’s outperform rating, saying that the business is fundamentally sound. Apparently some of those selling the stock disagree. One wonders how Merrill can continue to recommend a business where the financial management is so suspect.