Nortel controller and CFO put on leave

Nortel Networks has placed its chief financial officer and its controller on paid leaves of absence because of questions over the...

Nortel Networks has placed its chief financial officer and its controller on paid leaves of absence because of questions over the company's 2003 financial results.

CFO Douglas Beatty and controller Michael Gollogly are on leave pending completion of an independent review by a company audit committee. Last Wednesday, Nortel announced that it is likely to revise its previously unaudited results for the year ending 31 December.

A company spokeswoman was not immediately available to comment on the length of the independent review.

William Kerr becomes interim CFO and MaryAnne Pahapill becomes interim controller for both Nortel Networks and its principal operating subsidiary.

Kerr formerly worked for Nortel Networks from 1994 to 2001. He originally joined the company as controller and held senior positions in Nortel's finance organisation, including senior vice president for finance. Pahapill joined Nortel Networks in 1999 and has held positions including assistant controller and most recently assistant treasurer.

Grant Gross writes for IDG News Service

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