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Telecommunications Nortel forks out $US11.5M to keep new CEO
Telecommunications Nortel forks out $US11.5M to keep new CEO | Nortel forks out $US11.5M to keep new CEO |
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| by Stuart Corner | |
| Wednesday, 02 November 2005 | |
  
Under the terms of the settlement, Zafirovski will repay Motorola $US11.5 million, part of his separation payment from the company and Nortel has agreed to fully reimburse him. Full terms of the settlement have not been disclosed, but none of three parties have admitted to any violations of law, breaches of any agreements, or any other improper conduct. Zafirovski is prohibited from disclosing Motorola trade secrets or confidential information, and Zafirovski and Nortel have agreed for a specified period to refrain from hiring or recruiting Motorola employees under certain circumstances The settlement also includes restrictions, until July 1, 2006, on Zafirovski's communications with certain companies, some of which are Nortel customers, and limitations on his ability to advise Nortel on competitive strategy or analysis relative to Motorola for a defined period. The lawsuit will be dismissed, but the court will retain jurisdiction of the matter to enforce the terms of the settlement. Zafirovski will now take up his new role on November 15, 2005, as originally planned. |
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