Nortel picks new CEO to replace Bill Owens
Last Updated Mon, 17 Oct 2005 09:01:43 EDT CBC News
The board of Nortel Networks announced Monday it has selected Mike Zafirovski, an executive from Motorola, to replace Bill Owens as the company's president and CEO.
Zafirovski has been the president and chief operating officer at Motorola for the last three years. He had been at GE for 25 years before moving to Motorola. Zafirovski's appointment is effective Nov. 15.
Owens has led Nortel since the firing of Frank Dunn in April 2004 following an accounting scandal that led to the company having to restate several years of earnings.
Owens, who is 65, said he was "pleased to turn over this company to a proven leader to drive our success over many years ahead."
A statement from the chairman of Nortel's board lauded Owens 19 months of leadership. "At a moment of great challenge and enormous need in the history of this company, the board turned to one of its own, whose long career embodied the highest levels of trust, integrity and distinguished leadership," Harry Pearce said.
"We needed an experienced, steady hand and Bill delivered. "
Pearce said the board felt Zafirovski was the right person to take Nortel "to the next level."
"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," he said.
Owens' departure follows the resignations in June of two senior executives because of differences with Owens.
Gary Daichendt, the company's president and chief operating officer, and chief technology officer Gary Kunis quit, shortly after being hired away from Cisco Systems.
Last Updated Mon, 17 Oct 2005 09:01:43 EDT CBC News
The board of Nortel Networks announced Monday it has selected Mike Zafirovski, an executive from Motorola, to replace Bill Owens as the company's president and CEO.
- INDEPTH: Nortel
Zafirovski has been the president and chief operating officer at Motorola for the last three years. He had been at GE for 25 years before moving to Motorola. Zafirovski's appointment is effective Nov. 15.
Owens has led Nortel since the firing of Frank Dunn in April 2004 following an accounting scandal that led to the company having to restate several years of earnings.
Owens, who is 65, said he was "pleased to turn over this company to a proven leader to drive our success over many years ahead."
A statement from the chairman of Nortel's board lauded Owens 19 months of leadership. "At a moment of great challenge and enormous need in the history of this company, the board turned to one of its own, whose long career embodied the highest levels of trust, integrity and distinguished leadership," Harry Pearce said.
"We needed an experienced, steady hand and Bill delivered. "
Pearce said the board felt Zafirovski was the right person to take Nortel "to the next level."
"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," he said.
Owens' departure follows the resignations in June of two senior executives because of differences with Owens.
Gary Daichendt, the company's president and chief operating officer, and chief technology officer Gary Kunis quit, shortly after being hired away from Cisco Systems.
