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March 4, 2005
TORONTO -- Nortel Networks Corporation (NYSE:NT) (TSX:NT) announced today that its Board of Directors has made senior management changes designed to strengthen the Company's leadership team, drive global operational excellence and position Nortel for the future. Bill Owens, president and chief executive officer (CEO), will continue to drive the strategic direction of the Company while dedicating new senior executive talent to Nortel's global operations and related functions.
To that end, Owens will become the vice chairman and CEO effective March 14, 2005. The Company further announced the appointment of Gary Daichendt to the position of president and chief operating officer (COO) reporting to Owens. Daichendt is a senior executive with more than 30 years of experience in the global technology industry and was previously executive vice president, Worldwide Operations, Cisco Systems. Daichendt's appointment is also effective March 14, 2005.
Peter Currie, who was appointed chief financial officer (CFO) effective February 14, 2005, will become executive vice president and CFO effective March 14, 2005. This appointment reinforces the critical importance of Currie's role in the transformation of Nortel's financial organization.
"We are playing to win," Owens said, "and Gary will play a critical role in our doing so. He is a world class leader with unquestioned integrity and one of the top technology executives in the world. Gary's deep involvement in the spectacular growth of some of the world's leading technology powerhouses and his unique track record have given him a special perspective and experience that will optimally position our great Company for our customers, shareholders and employees. All of us at Nortel are very pleased with his decision to join us."
In his new role Daichendt will be responsible for leading Nortel's carrier and enterprise businesses, research and development, services and supply chain functions and global sales and operations. In addition to Daichendt, the Company's senior strategy team including the executive vice president and CFO, chief legal officer and chief strategy officer will continue to report directly to Owens. Pascal Debon, currently president, Carrier Networks, will assume the role of special advisor to the vice chairman and CEO effective March 14, 2005.
"The telecom market is now beginning another tremendous and exciting evolution and Nortel is a leading global player that I have long admired over my years in the industry," Daichendt said. "Throughout my career I have had a focus on operational excellence and business growth. I am very excited about being part of the new Nortel and working hard to bring additional value to this very strong team."
During his tenure at Cisco Systems, Daichendt had increasing responsibility for overseeing the company's sales force, services, manufacturing facilities, integration execution and strategic alliances. Under his leadership, Cisco's international business grew significantly as he was the principal operating executive during that company's growth in the 1990s. Prior to joining Cisco Systems, Daichendt held senior marketing, sales and operations positions at System Software Associates, Inc., Wang Laboratories, Inc., and IBM Corporation. He holds a Master's of Science from Ohio State University and a Bachelor of Arts from Youngstown State University.
Daichendt's appointment is the latest in a series of senior management additions to the Nortel leadership team made by Owens over the past several months. These recent appointments have included the new roles of chief marketing officer, chief strategy officer and chief ethics and compliance officer. These appointments are intended to enhance and complement the already strong experience and track record of Nortel's longtime senior executive team members. This is part of Nortel's ongoing commitment to ensuring it is well-positioned to drive future growth.
Owens has also been appointed vice chairman and CEO of Nortel Networks Limited, the Company's principal operating subsidiary. Daichendt and Currie have been appointed president and COO and executive vice president and CFO, respectively, of Nortel Networks Limited.
Nortel Networks Ltd.
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