| Sep 1998 | Company changes name to Nortel Networks from Northern Telecom. |
|---|---|
| Jul, 2000 | Stock reaches a high of C$124.5, giving Nortel a market cap of more than $250 billion. |
| Oct, 2000 | Stock drops about 20% after company misses revenue target. |
| Nov, 2000 | CFO Frank Dunn promoted CEO, succeeding John Roth |
| Feb, 2001 | Issues profit and earnings warning and cutting 10,000 employees. The warning triggers a 33% drop in its stock. |
| May 29, 2002 | Announces plans to cut 3,500 jobs and sell more assets. |
| Jul 17, 2002 | Appoints Douglas Beatty as new CFO. |
| Oct 23, 2003 | Reports a quarterly profit, but says it will restate its financial results going back to 2000. |
| Jan 29, 2004 | Announces net earning of $732 million for 2003 - first annual profit since 1997. |
| Mar 15, 2004 | Delays audited financials for 2003, discloses it may further. restate prior results. |
| Apr 5, 2004 | SEC launches investigation into Nortel's accounting. |
| Apr 28, 2004 | Fires CEO Frank Dunn, CFO Douglas Beatty and corporate controller Michael Gollogly. William Owens becomes new president and CEO. |
| Jun 29, 2004 | Sells manufacturing operations and activities to Flextronics. |
| Aug 16, 2004 | Royal Canadian Mounted Police announces criminal probe into Nortel's accounting. |
| Sep 30, 2004 | Cuts 3,250 jobs and vacates offices worldwide. |
| Jan 11, 2005 | Restates its results, appoints chief ethnics and compliance officer and says 12 senior executives will voluntarily repay $8.6 million of bonuses. |
| Sep, 2005 | Delays 2003 audited results to end of October, the first of several delays. |
| Oct 17, 2005 | Appoints former Motorola executive Mike Zafirovski to replace Owen as president and CEO. |
| Feb 8, 2006 | Agrees to pay $2.5 billion in cash and stock to settle shareholders' class action lawsuit over accounting scandal. |
| Sep, 2006 | Sells 3G/UMTS business to Alcatel for $320 million, transfers 1700 jobs. |
| Feb 7, 2007 | Announces restructuring, to cut another 2,900 jobs globally in 2007 and 2008 and to shift 1000 positions to lower-cost locations. |
| Mar 14, 2007 | SEC files civil charges against four former Nortel executives, including ex-CEO Frank Dunn. Ontario Securities Commission alleges misconduct and negligence. |
| Oct 15, 2007 | Pays $35 million to settle civil fraud charges filed by the Securities and Exchange Commission. |
| June 11, 2008 | Nortel and Alvarion form a Wimax joint venture. |
| June 19, 2008 | Royal Canadian Mounted Police charges ex-CEO Frank Dunn, ex-CFO Douglas Beatty and former corporate controller Michael Gollogly with criminal fraud related to their activities in 2002 and 2003. |
| Nov 10, 2008 | Nortel posts a third-quarter loss of $3.41 billion and announces plan to slash 1,300 more jobs. |
| Jan 14, 2009 | Files for Chapter 11 bankruptcy protection in the US |
| Jan 29, 2009 | Exits mobile Wimax business and discontinues joint venture with Alvarion |
| Feb 25, 2009 | Cuts 3,200 jobs worldwide. |
| May 11, 2009 | Widens Q1 loss to $507m as revenue drops 37% |
| May 27, 2009 | Seeks buyer for stake in the LG-Nortel joint venture. |
| June 19, 2009 | Enters into a "stalking horse" asset sale agreement with Nokia Siemens Networks for the sale of its CDMA business and LTE access assets for $650m. |
| June 28, 2009 | Creditors and suppliers file objections to Nortel's sale of wireless assets to NSN. |
| July 20, 2009 | Agrees to sell enterprise solutions business to Avaya for $475m. |
| July 25, 2009 | Selects Ericsson as successful bidder for CDMA business and LTE access assets |
Timeline: Key dates in Nortel's history
No Comments Yet! Be the first to share what you think!