Nortel Networks Announces Departure of CFO
Nortel Networks Corporation has announced that it, its principal operating subsidiary Nortel Networks Limited (NNL), and certain of its other subsidiaries including Nortel Networks Inc and Nortel Networks UK have completed the sale of substantially all of the assets of Nortel’s Optical Networking and Carrier Ethernet businesses to Ciena.
With the sale of the company’s main businesses and the focus of Nortel Business Services (NBS) and Nortel’s Corporate Group on the remaining work previously announced, Pavi Binning, chief restructuring officer (CRO), chief financial officer (CFO) and executive vice president (EVP), will depart from the company.
John Doolittle will assume the role of CFO of the company and Nortel Networks Limited in addition to his current responsibilities leading the corporate group. In light of the milestones met to date and the focus of the remaining work, the position of CRO will not be filled.