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Harry J. Pearce becomes Nortel chairman of the board
June 29, 2005
TORONTO -- Nortel Networks Corporation (NYSE:NT)(TSX:NT) today announced the appointment of Harry J. Pearce as its non-executive chairman of the board. Mr. Pearce replaces Lynton R. (Red) Wilson, who has served as chairman since November 2001.
Mr. Pearce, 62, of Bloomfield Hills, Michigan, United States, has been a director of the Company since January 11, 2005 and a director of Nortel Networks Limited since January 18, 2005. Mr. Pearce was Chairman of the Board of Hughes Electronics Corporation (now The DIRECTV Group, Inc.), a company engaged in digital television entertainment, broadband satellite and network services as well as global video and data broadcasting, from June 2001 to January 2004. He was a director and Vice-Chairman of General Motors Corporation from January 1996 to June 2001. Mr. Pearce is also a director of Marriott International, Inc. and MDU Resources Group, Inc.
Commenting on his appointment as chairman of the board, Mr. Pearce said, "Nortel is at the center of the breakthrough technologies that are advancing global communications. I am a firm believer in Bill Owens' leadership, the passion and commitment of Nortel employees, and the ability of this Company to continue as a driving force in the communications industry. I look forward to the opportunities ahead in rebuilding shareholder value and confidence."
In addition, the following new nominees were elected to the board of directors of the Company: Jalynn Bennett of Toronto, Ontario; The Hon. James B. Hunt, Jr. of Raleigh, North Carolina; John McNaughton of Toronto, Ontario; and Ronald Osborne of Toronto, Ontario.
Previously serving directors re-elected to the board today are: Dr. Manfred Bischoff, Robert Brown, John Cleghorn, Robert Ingram, The Hon. John Manley, Richard McCormick, William A. Owens and Harry J. Pearce.
In addition to Mr. Wilson, previously serving directors The Hon. James Johnston Blanchard, L. Yves Fortier, Guylaine Saucier, and Sherwood Hubbard Smith, Jr. did not stand for re-election to the Company's board.
Commenting on Mr. Wilson's service to Nortel, Bill Owens, vice chairman and chief executive officer, Nortel, said, "Nortel owes a profound debt of gratitude to Red Wilson for his leadership and contribution to the Company during a dynamic period in the Company's history."
Mr. Wilson has served as a director of the Company since March 2000 and of its principal operating subsidiary, Nortel Networks Limited, since April 1991. Acknowledging his valued contribution and service, Nortel's board of directors recently conferred the honorary designation of "Chairman Emeritus" on Mr. Wilson.
In addition to Mr. Wilson, Owens acknowledged the many years of contribution and service to the Company and Nortel Networks Limited by retiring directors, Blanchard, Fortier, Saucier, and Smith, Jr. "Nortel is deeply grateful to these individuals for their time and dedication to the Company," said Owens. "I am honored to have served alongside these extraordinary people who continually operated with the highest integrity and commitment throughout their tenure at Nortel."
Nortel Networks Ltd.
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