Nortel Names Beatty CFO

TORONTO -- Frank A. Dunn, president and chief executive officer of Nortel Networks Corporation (NYSE:NT) (TSX:NT.), today announced that the company's board of directors has appointed Douglas C. Beatty, 47, to the position of chief financial officer (CFO), effective immediately. Beatty has been the company's controller since 1999, responsible for all external and management reporting requirements. Dunn has been serving as chief financial officer as well as president and chief executive officer since February 2002. As CFO, Beatty will be responsible for the functions of treasury, control, investor relations, tax, financial operations and planning, general auditor, and corporate development. Commenting on the Beatty appointment, Dunn said: "We are extremely pleased to announce that Doug is our new CFO. We conducted an extensive search for a new CFO, interviewing a number of excellent candidates. It became clear that Doug is the ideal executive for the role. He has proven himself to be a critical member of our executive team, helping formulate and execute our strategy to return the company to profitability. He has in-depth knowledge of our company and our industry. As a seasoned and highly respected finance executive, Doug has consistently demonstrated outstanding achievement, commitment, leadership and personal integrity." Nortel Networks Corp.