When Nortel Networks last week reported its long-awaited restatement of results from 2001 through 2003 stemming from an accounting scandal, it also announced that 12 senior executives agreed to return about $8.6 million in bonuses awarded in 2003.
“While none of these executives was found to have been directly involved in the inappropriate provisioning conduct,” stated Nortel, “these members of the core executive team share the board’s deep disappointment over the circumstances that led to the restatement.”
