Business

John Roth sells last of Nortel shares

Former Nortel CEO John Roth has sold the last of his Nortel shares, according to documents filed with the Ontario Securities Commission.

The documents show that Roth sold 751,245 shares at $1.55 on Aug. 1. Total proceeds came to $1,164,430.

The insider trading report said Roth sold 566,845 shares in his name, another 171,600 shares in another holding account, and 12,800 shares in his wife's name. The sales left him holding no Nortel shares at all.

A previous stock sale by Roth made headlines last year. Roth made $88 million US exercising options in 2000 a time when Nortel shareholders saw their shares peak at $124,50 before beginning a long, long slide to the current level of about $1.75.

Roth took over as Nortel's president and CEO in 1997 and dramatically restructured the company, turning it from a telephone technology company to a builder of the Internet.

After that bubble burst in 2001 and Roth issued several earnings warnings slashing Nortel's workforce in the process he left resigned from Nortel's executive ranks in October 2001.

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