TORONTO-Nortel Networks Corp. announced a share dividend and a new chairman of the board, but it offered little in the way of strategic guidance during its annual shareholders meeting. Nortel investors-those who suffered through the company’s accounting woes-used the meeting to express their frustration with the company, according to reports.
During a press conference after the shareholder meeting, Nortel executives discussed the company’s need to cut costs, improve revenues and counteract the challenges from low-cost Asian suppliers. However, executives offered few concrete indications of how the company would execute on its goals.
Nortel’s stock was down slightly Thursday to about $2.63 per share.
Nortel declared a dividend on each of its outstanding cumulative redeemable Class A preferred shares series 5 and its outstanding non-cumulative redeemable Class A preferred shares series 7. Separately, Nortel appointed Harry Pearce as its non-executive chairman of the board to replace Lynton Wilson.
