Nortel Networks Corp. (NYSE: NT) said Tuesday that one of its primary figures will step down from his executive position.
On the firm said that Peter Currie will step down as executive vice-president and chief financial officer and will be pursuing other challenges.
Shares of the firm fell 2.08 percent, of $0.55 to $25.93 by the end of the trading day on the New York Stock Exchange.
The company has been struggling to stabilize itself following a series of financial restatements after the tech bubble burst in the early part of the decade. In the midst of its restructuring, however, some analysts arenâ€™t in favor of the latest move.
We view Nortelâ€™s announcementâ€¦as a negative development in the companyâ€™s efforts to execute on its turnaround plan, Inder Singh of Prudential wrote today.
We have been concerned that Nortel did not appear to be making sufficient headway in its restructuring efforts to meet the targets the company has laid out, and todayâ€™s announcement reinforces our view.
Though the analyst believes Currie's departure is disruptive, Nortel says Currie will continue to provide advice and assistance until he steps down on April 30 to ensure a smooth transition.
Peter has successfully steered Nortel through many difficult financial issues and, in the process, has enhanced the company's governance, President and Chief Executive Mike Zafirovski said in a statement.