Nortel CEO Mike Zafirovski has done a nice job giving the company some stability but the natives (aka Wall St. and Bay St. analysts) are getting restless. A good example is Scotia Capital analyst Gus Papageorgiou who applauded yesterday’s pension plan changes and job reductions but clearly wants more. In a research report, he said “improving operating efficiencies is a positive, companies do not succeed by operations alone. What we are looking for from Nortel’s senior management team is a clear vision of what the company will be, particularly in light of recent M&A activity in the sector. Operational excellence is crucial in executing on a company’s strategy, but with no set strategic direction, improving execution abilities can only go so far.” Who knows, maybe he’ll get some satisfaction at tomorrow’s AGM.
The Natives Are Getting Restless