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Nortel CFO steps down veteran returns as replacement27 January 2005
Nortel Networks Corp., the Canadian telecom equipment maker trying to recover from an accounting scandal, has appointed Peter Currie as its new chief financial officer after William Kerr decided to step down, the company said Thursday.
Currie, the former vice chairman and CFO of Royal Bank's RBC Financial Group, will start in his new position Feb. 14, Nortel said Thursday.
Currie previously was chief financial officer at Nortel from 1994 until 1997.
Currie ``is an extremely experienced and highly regarded addition to our senior management team, bringing significant depth in both statutory and management reporting in Canada and the United States,'' Nortel Chief Executive Bill Owens said in a prepared statement.
Kerr became chief financial officer last year to lead the completion of Nortel's restatement of earnings after an accounting scandal that led to a purging of its executive suite.
Earlier this month, Brampton, Ontario-based Nortel filed its audited results for 2003 more than nine months late and restated results for 2002 and 2001.
Nortel, which keeps its accounts in U.S. dollars, said it earned $434 million in 2003. That compares with the $732 million annual profit it had reported in the previous year.
Owens thanked Kerr for his work during the ``mammoth task'' of Nortel's restatement.
At Owens' request, Kerr has agreed to serve as senior adviser to the CEO and will assist Currie in taking on his new role.
``Nortel has recently achieved a very significant financial reporting milestone and is committed to the ongoing transformation of its finance organization and financial systems in a manner which will meet the highest professional standards and support shareholder value creation,'' Currie said.
Nortel also announced Thursday that controller MaryAnne Pahapill has accepted a job outside the company. Karen Sledge will become controller on an interim basis, effective Feb. 7, and the company has begun a search to fill the position permanently.
Source: Grand Forks Herald
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