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NL Update

News | 03/07/2005 5:00 am EST
Nortel preparing for new leadership
Nortel Networks Corp. appears to be readying for a changing of the guard. The company announced on Friday March 4 that it had appointed former Cisco Systems Inc. executive Gary Daichendt as president and COO, effective March 14. That date will also see Bill Owens, currently president and CEO, become CEO and vice-chair of the board of directors. Also effective March 14, Pascal Debon, currently president of carrier networks, will assume the role of special advisor to the vice-chair and CEO. According to analysts this position is usually reserved for executives who are on the out of the executive offices. Peter Currie, who became CFO on February 14, will add the executive VP title effective March 14. Daichendt, previously executive VP worldwide operations at Cisco, was one of the key executives in charge of the company during the 1990s when the company experienced significant international expansion.

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