Nortel Makes Board Changes
TORONTO -- The board of directors of Nortel Networks Corporation (NYSE:NT)(TSE:NT.) today announced a number of changes in the make-up of the board including the dissolution of the Office of the Chief Executive. The Office of the Chief Executive, which was created on November 1, 2001, consisted of: Frank Dunn, president and chief executive officer; Lynton R. (Red) Wilson, executive chairman of the board; and John Roth, non-executive vice-chairman of the board. It was originally set up to facilitate the transition of Frank Dunn as he succeeded John Roth as president and chief executive officer; assist in setting the strategic direction of the company; and act in an advisory capacity to Dunn and his executive team. Speaking on behalf of the Board, Wilson said, "The Board feels the Office of the Chief Executive is no longer required. This is a strong vote of confidence in Frank Dunn and his team." In connection with the dissolution of the Office of the Chief Executive, Wilson has returned to his former position as non-executive chairman of the board. Roth, currently a director and non-executive vice chairman of the board, has decided not to stand for re-election to the board at the company's April 25, 2002 shareholders' meeting. Nortel Networks Corp.