Nortel Hires Heap Big Bean Counter

Nortel provides status update

May 18, 2005

2 Min Read

TORONTO -- Nortel Networks Corporation (NYSE:NT) (TSX:NT) and its principal operating subsidiary Nortel Networks Limited ("NNL"), today provided a status update pursuant to the alternative information guidelines of the Ontario Securities Commission. These guidelines contemplate that the Company and NNL will normally provide bi-weekly updates on their affairs until such time as they are current with their filing obligations under Canadian securities laws.

Management Appointments

Nortel announced the appointment of Paul Karr as controller, effective May 4, 2005. As controller, Karr is the chief architect and driver of strengthening the financial controls for the Company. Karr leads a large, global finance team and is responsible for directing and improving the organization and for the preparation of all external financial reporting in accordance with U.S. generally accepted accounting principles.

Karr is a seasoned finance executive and accounting expert who until recently was Vice President and Financial Controller for Bristol-Myers Squibb Company in New York. He was specifically recruited by Bristol-Myers Squibb to lead the financial function during a difficult restatement process.

Prior to his tenure at Bristol-Myers Squibb, Karr held a number of increasingly responsible positions at GE Capital Market Services culminating in his role as Senior Vice President and Chief Accounting Officer. Karr also spent fifteen years at Deloitte & Touche where he was promoted to National Consultation Partner. A graduate of the University of Illinois, Urbana-Champaign, Karr holds both a Bachelor of Science degree in Accounting, as well a Master's Degree Accounting from the university.

Karr reports to executive vice-president and chief financial officer ("CFO") Peter Currie. Karen Sledge, who had been serving as interim controller since February 2005, is vice-president, finance and continues to report to the CFO. Karr and Sledge have also been appointed controller and vice-president, finance, respectively, of NNL.

The Company and NNL reported that there have been no material developments in the matters reported in their status updates of June 2, 2004 through May 2, 2005, with the exception of the matters described above.

The Company's and NNL's next bi-weekly status update is expected to be released during the week of May 30, 2005.

Nortel Networks Ltd.

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