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Europe

Nortel's New Money Man

9:25 AM -- Having had its in-house legal eagle acting as finance chief since May, Nortel Networks Ltd. announced today it has a new CFO. (See Nortel Names CFO.)

He is Pavi S. Binning, who becomes CFO from November 12.

We noticed two things about this announcement. First, Binning has experience -- that is, he's been a telecom vendor CFO before, having joined Marconi as CFO in October 2003. (See Marconi Names New CFO.)

After Ericsson AB (Nasdaq: ERIC) acquired the rump of Marconi in late 2005, Binning stayed on at telent plc (London: TLNT), the services arm of the British vendor that Ericsson didn't acquire. He left telent in September 2006 as part of an executive overhaul. (See Ericsson Buys Bulk of Marconi and Telent Names New CEO.)

He joined building materials firm Hanson PLC as finance director in January this year but has clearly been tempted by the challenges of the CFO job at Nortel.

The second thing we noticed is that Nortel's new CFO used to be plain old Pavi Binning, without the middle initial.

What's with the extra "S"? Does he need it for the move to Toronto, where he'll be based?

— Ray C. Le Maistre, International News Editor, Light Reading

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