Nortel Names CFO

TORONTO -- Nortel(1) (Toronto:NT.TO - News)(NYSE:NT - News) President and CEO Mike Zafirovski today announced the appointment of Pavi S. Binning as Executive Vice President and Chief Financial Officer (CFO), effective November 12, 2007. Binning is a senior executive with more than 25 years of financial experience, including chief financial officer positions at Hanson PLC and Marconi PLC.

"We conducted a thorough global search for our new CFO because I wanted the right candidate for the job. We found that with Pavi Binning," said Mike Zafirovski. "With the appointment of Pavi - a proven leader with extensive expertise in operational execution and a track record of excellence - Nortel reaffirms its commitment to fielding a finance organization that is second to none. With the foundation now firmly in place, Pavi will move the yardstick to the next level in our finance transformation further enabling us to compete and win in the market."

While at Marconi, Binning was responsible for building a strong financial function, as well as working with the Chief Executive Officer on creating strategic and operational improvements and executing a corporate turnaround. During his tenure the company became a profitable, cash-flow positive business.

Binning will also be appointed Executive Vice President and CFO of Nortel Networks Limited, Nortel's principal operating subsidiary. Binning will be based in Toronto. David Drinkwater, who has been acting CFO, will return to the position of Chief Legal Officer (CLO). Gordon Davies, who has been acting CLO, will return to the position of General Counsel - Corporate and Corporate Secretary.

"I believe that Nortel will be one of the most significant turnaround stories in corporate history, and I am excited to be part of it," said Binning. "They have already made tremendous progress and they have strong customer and partner momentum which suggests that people want them to succeed. There are many challenges ahead but I am looking forward to competing and winning as part of this strong, passionate leadership team."

Binning will also be appointed Executive Vice President and CFO of Nortel Networks Limited, Nortel's principal operating subsidiary. Binning will be based in Toronto. David Drinkwater, who has been acting CFO, will return to the position of Chief Legal Officer (CLO). Gordon Davies, who has been acting CLO, will return to the position of General Counsel - Corporate and Corporate Secretary.

Nortel Networks Ltd.