Nortel Announces New President, CEO

Nortel Networks Corp. today announced its board of directors has appointed a new president and CEO, since Bill Owens is leaving the company.

Mike S. Zafirovski, 51, will take over on Nov. 15 and also will serve as president and CEO of Nortel Networks Ltd., the companys principal operating subsidiary. He further will be a director to the boards of both companies.

Zafirovski comes to Nortel from Motorola Inc., where he has served as president and COO since 2002. Before that, he was president and CEO of Motorolas Personal Communications Sector. Zafirovski worked for General Electric from 1975 to 2000, in various senior executive positions.

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 worlds most important global corporations, says Harry J. Pearce, chairman of the board for Nortel. Hes the right leader to build on the important work of Bill Owens and take Nortel to the next level.

Owens, meanwhile, says he will continue serving on company boards, and pursue entrepreneurial opportunities and philanthropic interests.

Bill re-established stability within Nortel and credibility with all its stakeholders, says Pearce. He guided the company in becoming current in its financial reporting and maintained the loyalty of our customers. Mike can now build for the future on the strong foundation Bill Owens has given us.

Zafirovski, a native of Macedonia, immigrated to the United States in 1969. He is a director of The Boeing Corp.