Nortel Networks

Nortel Appoints New Corporate Operations Leader

    Toronto, Canada (ots/PRNewswire) -

    - Dennis Carey Joins to Accelerate Business Transformation

    Nortel(x) (NYSE: NT , TSX: NT) President and Chief Executive Officer (CEO) Mike Zafirovski today announced the appointment of Dennis Carey as executive vice president, Corporate Operations.

    In this role, Carey will report directly to the President and CEO and will be responsible for Human Resources, the Business Transformation Office, Ethics, and Information Services, as well as the Company's Environment,  Safety and Business Continuity programs, and Diversity focus.

    "With his experience at GE, AT&T, The Home Depot and Motorola, Dennis brings to Nortel an impeccable business pedigree," Zafirovski said. "As I continue to strengthen the Company's leadership team, it's critical that we have individuals with global business experience working for world-class companies. Dennis will play a key role in driving the cultural and business transformation at Nortel that will be essential to the Company's future success."

    Building on a 25-year career with GE, Carey brings to Nortel an extensive background in general management, business development, corporate operations, strategy, finance, information systems, mergers and acquisitions, auditing, supply chain management and Six Sigma. He also has served as vice president and general manager for Corporate Productivity and M&A for AT&T, and more recently as executive vice president for Business Development, Strategy and Corporate Operations for The Home Depot. In his most recent assignment, Carey was executive vice president, president and CEO, Integrated Electronic Systems for Motorola.

    Carey's appointment is effective January 30, 2006, and he will be based at the Company's headquarters in Toronto.

    About Nortel

    Nortel is a recognized leader in delivering communications capabilities that enhance the human experience, ignite and power global commerce, and secure and protect the world's most critical information. Serving both  service provider and enterprise customers, Nortel delivers innovative  technology solutions encompassing end-to-end broadband, Voice over IP,  multimedia services and applications, and wireless broadband designed to help  people solve the world's greatest challenges. Nortel does business in more  than 150 countries. For more information, visit Nortel on the Web at For the latest Nortel news, visit

    Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors which could cause results or events to differ from current expectations include, among other things: the outcome of regulatory and criminal investigations and civil litigation actions related to Nortel's restatements and the impact any resulting legal judgments, settlements, penalties and expenses could have on Nortel's results of operations,  financial condition and liquidity, and any related potential dilution of Nortel's common shares; the findings of Nortel's independent review and  implementation of recommended remedial measures; the outcome of the ongoing  independent review with respect to revenues for specific identified  transactions, which review will have a particular emphasis on the underlying  conduct that led to the initial recognition of these revenues; the  restatement or revisions of Nortel's previously announced or filed financial  results and resulting negative publicity; the existence of material  weaknesses in Nortel's internal control over financial reporting and the conclusion of Nortel's management and independent auditor that Nortel's  internal control over financial reporting is ineffective, which could  continue to impact Nortel's ability to report its results of operations and  financial condition accurately and in a timely manner; the impact of Nortel's  and NNL's failure to timely file their financial statements and related  periodic reports, including Nortel's inability to access its shelf  registration statement filed with the United States Securities and Exchange Commission (SEC); the impact of management changes, including the termination  for cause of Nortel's former CEO, CFO and Controller in April 2004; the  sufficiency of Nortel's restructuring activities, including the work plan  announced on August 19, 2004 as updated on September 30, 2004 and  December 14, 2004, including the potential for higher actual costs to be  incurred in connection with restructuring actions compared to the estimated costs of such actions; cautious or reduced spending by Nortel's customers; increased consolidation among Nortel's customers and the loss of customers in certain markets; fluctuations in Nortel's operating results and general industry, economic and market conditions and growth  rates; fluctuations in Nortel's cash flow, level of outstanding debt and  current debt ratings; Nortel's monitoring of the capital markets for  opportunities to improve its capital structure and financial flexibility;  Nortel's ability to recruit and retain qualified employees; the use of cash  collateral to support Nortel's normal course business activities; the  dependence on Nortel's subsidiaries for funding; the impact of Nortel's  defined benefit plans and deferred tax assets on results of operations and Nortel's cash flow; the adverse resolution of class actions, litigation in  the ordinary course of business, intellectual property disputes and similar  matters; Nortel's dependence on new product development and its ability to  predict market demand for particular products; Nortel's ability to integrate  the operations and technologies of acquired businesses in an effective  manner; the impact of rapid technological and market change; the impact of  price and product competition; barriers to international growth and global economic conditions, particularly in emerging markets and including interest  rate and currency exchange rate fluctuations; the impact of rationalization  and consolidation in the telecommunications industry; changes in regulation  of the Internet; the impact of the credit risks of Nortel's customers and the  impact of customer financing and commitments; general stock market  volatility; negative developments associated with Nortel's supply contracts  and contract manufacturing agreements, including as a result of using a sole supplier for a key component of certain optical networks solutions; the  impact of Nortel's supply and outsourcing contracts that contain delivery and  installation provisions, which, if not met, could result in the payment of  substantial penalties or liquidated damages; any undetected product defects,  errors or failures; the future success of Nortel's strategic alliances; and  certain restrictions on how Nortel and its president and chief executive officer conduct business. For additional information with respect to certain  of these and other factors, see the most recent Annual Report on Form 10-K  and Quarterly Report on Form 10-Q filed by Nortel with the SEC. Unless  otherwise required by applicable securities laws, Nortel disclaims any  intention or obligation to update or revise any forward-looking statements,  whether as a result of new information, future events or otherwise.

    (x)Nortel, the Nortel logo and the Globemark are trademarks of Nortel


ots Originaltext: Nortel Networks
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