Tuesday was a busy one for Nortel Network. The struggling telecommunications company announced a series of new products and also disclosed just how much its chief executive officer makes.
In a filing with the SEC, Nortel (NYSE: NT) said Frank Dunn, its president and chief executive officer, received $825,000 in salary but no bonus in 2002. However, he did receive 750,000 stock options, Dow Jones Newswires reported.
Nortel also announced that Dunn will speak at VoiceCon 2003 on Wednesday. “Leading with Experience: Why VOIP Will Win in the Enterprise” is the subject of his keynote address, scheduled to be presented from 9:30-10:30 a.m. He will speak on Thursday morning at the RBC Capital Markets Conference. The web cast begins at 11 AM EST.
On Friday, Nortel disclosed that it had received a $750 million line from the Export Development Bank of Canada. The firm has an additional $750 million in other credit facilities, the company said.
Nortel also will present a reverse stock-split resolution at its annual meeting on April 24, according to Reuters.
The company also unleashed a series of product announcements Tuesday.
Among them is a deal with IBM calling for it to build high-speed local area network switches for high-power IBM “blade server” centers. Blade servers are a new product that feature most components such as processors, memory and network connections on one circuit board as opposed to several. Server blades are considered more cost-efficient, smaller and consume less power than traditional boxed-based servers, according to online resource Webopedia.
Nortel introduced a Voice over Internet Virtual Private Network service called Networks Succession. By linking entire enterprises, remote sites and telecommuters onto one dial plan, Nortel said costs can be reduced by 25 percent.
Nortel also disclosed a “Succession Services” initiative that will integrate multiple devices and media into one single communications systems. It is designed to support cell phones, e-mail, home telephones and PDAs, the company said.
Introduced as well was the Succession Center IP solution for electronic commerce and payment services.
First Data Corp. has deployed the Succession Center product, covering nearly 700 phone lines through Nortel’s Succession Centrex IP offering. It also includes i2004 Internet telephones.