In one embodiment, an optical receiver has a bulk dispersion compensator and a butterfly equalizer serially connected to one another to perform dispersion-compensation processing and electronic polarization de-multiplexing. The bulk dispersion compensator has a relatively large dispersion-compensation capacity, but is relatively slow and operates in a quasi-static configuration. The butterfly equalizer has a relatively small dispersion-compensation capacity, but can be dynamically reconfigured on a relatively fast time scale to track the changing conditions in the optical-transport link. The optical receiver has a feedback path that enables the configuration of the bulk dispersion compensator to be changed based on the configuration of the butterfly equalizer in a manner that advantageously enables the receiver to tolerate larger amounts of chromatic dispersion and/or polarization-mode dispersion than without the use of the feedback path.