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Nortel Networks Names New CFO

July 17, 2002

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TORONTO (AP) _ Nortel Networks named a new chief financial officer Wednesday, five months after the previous one left due to irregular investments in the company’s pension plan.

Douglas Beatty, who has been Nortel’s controller since 1999, takes over immediately as chief financial officer, the company said in a statement issued the day before it reports quarterly earnings.

``He has proven himself to be a critical member of our executive team, helping formulate and execute our strategy to return the company to profitability,″ said Nortel president and chief executive Frank Dunn, who has been filling in as chief financial officer since Terry Hungle’s abrupt resignation in February.

Nortel, a fiber-optics and telecom equipment maker, is trying to recover from a disastrous 18-month meltdown in which its shares have lost billions in value and the work force that once numbered 96,000 has been reduced by almost half.

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