Nortel Networks is replacing its chief executive officer with
the former chief operating officer of Motorola.
Mike Zafirovski, who left Motorola in February, is replacing
current CEO Bill Owens on 15 November.
Owens, a Nortel stalwart, was brought in to head the company
following the accountancy scandal which forced Nortel to re-state
its accounts going back a number of years.
The re-statement process is now complete and Owens is now
leaving the company.
"Mike Zafirovski has the kind of proven, team-building
leadership that has seen him create significant new value during
his career in two of the world's most important global
corporations," said Harry Pearce, chairman of the Nortel board.
"He is the right leader to build on the important work of Bill
Owens and take Nortel to the next level," said Pearce.
Zafirovski, 51, held senior positions at General Electric
between 1975 and 2000. In 2000, he joined Motorola, first as
president and CEO of the personal communications division, and then
served between 2002 and 2005 as the company’s president and chief
operating officer.
Owens said, “At 65, I'm now pleased to turn over this company to
a proven leader to drive our success over many years
ahead.”
Zafirovski emigrated to the US in 1969 from Macedonia.
He is a director of the Boeing Corporation.