Nortel Heads Buy Into Turnaround Story

Tables: Buyers | Sellers

WITH NORTEL NETWORKS SHARE prices sinking ever lower, the networking company's chief executive officer and chairman have both stepped up to buy stock totaling $1 million in value.

President and Chief Executive Officer Mike Zafirovski bought 83,500 shares Monday at an average price of $6.30 each. The $526,000 purchase was his second open-market buy since joining Nortel as CEO in November 2005. Zafirovski had made a $1 million purchase last August when shares were trading at about $19. Including exercisable options, the executive now owns 517,654 shares -- less than 1% of Nortel's outstanding shares.

Chairman ...