Nortel hopes new CFO can draw line under accounting scandals

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Nortel hopes new CFO can draw line under accounting scandals

Antony Savvas

Nortel Networks has appointed a new chief financial officer to help complete its recovery from financial problems which saw it re-state its accounts.

Nortel dismissed chief executive officer Frank Dunn, chief financial officer Douglas Beatty and the company’s financial controller, 12 months ago after it became apparent that Nortel had posted a series of incorrect accounts.

Nortel has now appointed Peter Currie as CFO, in place of William Kerr who had been brought in as an interim CFO after the scandal broke. Kerr will remain at Nortel to assist CEO Bill Owens.

Currie is not new to Nortel, he was CFO at the company 10 years ago. Before joining Nortel for a second time he was CFO at the Royal Bank of Canada.

Microsoft is still looking to appoint a new CFO after the announced resignation of John Connors who is moving to another company.


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