Nortel Networks Cleans House
Nortel tapped William Owens, who has been a director of the company since February 2002, as the new president and CEO. Previously, Owens was chairman and CEO of Teledesic, a satellite communications company.
Nortels board chairman, Lynton Wilson, said the firings are about accountability for financial reporting.
Nortels disclosures of faulty bookkeeping follow a rash of similar accounting scandals at a number of large technology companies, including WorldCom (now called MCI), Computer Associates and Adelphia Communications.
Check out eWEEK.coms Server and Networking Center at http://servers.eweek.com for the latest news, views and analysis on servers, switches and networking protocols for the enterprise and small businesses.