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$9.8b Nortel Replaces President, CFO And Controller

Compliance Week | May 4, 2004

Out: Dunn

In: Owens

Canada-based telecommunications equipment company Nortel, currently the subject of a formal SEC investigation into its accounting practices, announced several top management changes last week, and noted it would restate 2003 earnings downward by 50 percent. According to a Nortel press release, President and CEO Frank Dunn, CFO Doug Beatty, and Controller Michael Gollogly were "terminated for cause," to be replaced by William Owens, William Kerr...

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