Nortel Networks

Nortel Names George Riedel Chief Strategy Officer

    Toronto, Canada (ots/PRNewswire) - Nortel(x) (NYSE: NT , TSX: NT) President and Chief  Executive Officer (CEO) Mike Zafirovski today announced the appointment of  George Riedel as Chief Strategy Officer.

    Riedel will report directly to the President and CEO and will be responsible for leading the Company's corporate strategy including business  development and mergers and acquisitions. In addition, Riedel will focus on  emerging technologies, market opportunities, and strategic partnerships,  and will drive all related key decision-making processes.

    "This appointment marks my commitment to maintaining Nortel's technology and innovation leadership," said Zafirovski. "George's extensive  knowledge of telecom and technology combined with his business acumen,  strategic orientation and M&A experience will complement our strong  leadership team and position the company for a successful future as we  simplify our business, develop next-generation products and solutions, and  focus on long-term, profitable growth."

    Riedel joins Nortel from Juniper Networks, where he was vice president,  strategy and corporate development leading corporate strategy, business  development and mergers and acquisitions. Prior to joining Juniper Networks  in 2003, he was a Director at the management consulting firm of McKinsey  and Company, where for 15 years he co-led telecom and high-tech practices  in North America and Asia. Prior to McKinsey, he was an engineering manager  at Exxon Co. USA.

    Riedel holds an MBA from the Harvard Business School and a BSME with  distinction from the University of Virginia. His appointment is effective  February 28, 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. Our next-  generation technologies, for both service providers and enterprises, span  access and core networks, support multimedia and business-critical  applications, and help eliminate today's barriers to efficiency, speed and  performance by simplifying networks and connecting people with information.  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  Networks.

ots Originaltext: Nortel Networks
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For further information: Patricia Vernon, +1-(905)-863-1035,; Jay Barta, +1-(972)-685-2381,

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