John Roth, Frank Dunn, and Mike Zafirovski
Company: Nortel Networks (1997-
2001), (2001 – 2004), (2005- 2009)
Biggest asshole moments: Overestimating executive bonuses while withholding severance pay to former employees.
of terror was heavily criticized for terminating over 60,000 employees, awarding
themselves ridiculous raises, and dropping Nortel’s market value from $398
billion to less than $5 billion. With that said, it’s shocking to see Nortel’s still
in business. After massive layoffs occurred and company stocked crashed in
2000, Roth sold his options and walked away with $135 million. Dunn carried
on the CEO tradition of personal gain by overestimating executive bonuses by
$19 million and cashing in on $5 million alone, until investigators discovered
he wrongly booked $3 billion in liabilities and the board was fired. Finally, Zafirovski withheld severance pay from the unemployed and chose not
to finance the company’s pension fund, all while giving himself a pay increase
of $10 million. Monkey see, monkey do.