Nortel Networks

Claude Mongeau and John David Watson Appointed to Nortel Board of Directors

    Toronto (ots/PRNewswire) - Nortel(x) Networks Corporation (NYSE/TSX: NT) announced the appointment  of Claude Mongeau and John David Watson to the Company's board of directors today at its Annual Shareholders Meeting in Toronto.

    Previously serving directors re-elected to the board today are Jalynn  Hamilton Bennett, Dr. Manfred Bischoff, The Hon. James Baxter Hunt Jr.,  John Alan MacNaughton, The Hon. John Paul Manley, Richard David McCormick,  Harry Jonathan Pearce, and Mike Svetozar Zafirovski. Harry J. Pearce remains chairman of the board.

    The Company acknowledges the years of contribution and service to Nortel by outgoing board directors Robert Ellis Brown, John Edward Cleghorn , Robert Alexander Ingram and Ronald Walter Osborne who did not stand for re-election at the annual meeting.

    "Nortel and its shareholders owe Robert Brown, John Cleghorn, Robert  Ingram and Ronald Osborne a great deal of gratitude for their dedication in  striving to rebuild one of the industry's greatest companies," said Mike  Zafirovski, Nortel president and CEO. "We welcome the addition of directors  Claude Mongeau and John Watson who, together with the rest of our board and  my energized executive team, give me complete confidence in our ability to position Nortel for profitability and long-term growth."

    The directors elected to the board of directors are also directors of  Nortel Networks Limited and will hold their position until the earliest of  the close of the next annual meeting of shareholders, the date he or she  ceases to be a director by operation of law, or the date he or she resigns.  The current Nortel board of directors has a total of 10 directors.

    Claude Mongeau

    Claude Mongeau has been the executive vice-president and chief financial officer of Canadian National Railway Company, a North American  railway company, since October 2000. Prior to that appointment, Mr. Mongeau  was senior vice-president and chief financial officer from October 1999. Mr . Mongeau is also chairman of the Audit and a member of the Governance  Committees of SNCLavalin Group Inc. He is also a director of the Pointe-à- Callière Museum and of Forces Avenir. Mr. Mongeau was also a director of 360networks Corporation (or 360networks).

    John D. Watson

    John D. Watson has been executive vice-president and chief financial  officer of EnCana Corporation (or EnCana), an Alberta, Canada based oil and  gas exploration and production company since its formation in 2002 and  until his retirement on February 28, 2006. Prior to that appointment, Mr.  Watson was vice-president finance and chief financial officer of Alberta  Energy Company Ltd., a predecessor company to EnCana since 1987. Overall,  he has been with EnCana for 30 years. He is also a member of the Audit  Committee of the Province of Alberta, chair of the Calgary Police  Commission and a director of UTS Energy Corporation. In 2005, he was  granted the designation of ICD.D by the Institute of Corporate Directors.

    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 statements in this press release may contain words such as " could", "expects", "may", "anticipates", "believes", "intends", "estimates ", "targets", "envisions", "seeks" and other similar language and are  considered forward-looking statements or information under applicable  securities legislation. These statements are based on Nortel's current  expectations, estimates, forecasts and projections about the operating  environment, economies and markets in which Nortel operates. These  statements are subject to important assumptions, risks and uncertainties,  which are difficult to predict and the actual outcome may be materially different. Further, actual results or events could differ materially from  those contemplated in forward- looking statements as a result of the  following (i) risks and uncertainties relating to Nortel's restatements and  related matters including: Nortel's most recent restatement and two  previous restatements of its financial statements and related events; the  negative impact on Nortel and NNL of their most recent restatement and  delay in filing their financial statements and related periodic reports;  legal judgments, fines, penalties or settlements, or any substantial  regulatory fines or other penalties or sanctions, related to the ongoing  regulatory and criminal investigations of Nortel in the U.S. and Canada;  any significant pending civil litigation actions not encompassed by Nortel's proposed class action settlement; any substantial cash payment and /or significant dilution of Nortel's existing equity positions resulting  from the finalization and approval of its proposed class action settlement,  or if such proposed class action settlement is not finalized, any larger  settlements or awards of damages in respect of such class actions; any  unsuccessful remediation of Nortel's material weaknesses in internal  control over financial reporting resulting in an inability to report  Nortel's results of operations and financial condition accurately and in a timely manner; the time required to implement Nortel's remedial measures;  Nortel's inability to access, in its current form, its shelf registration  filed with the United States Securities and Exchange Commission (SEC), and  Nortel's below investment grade credit rating and any further adverse  effect on its credit rating due to Nortel's restatements of its financial  statements; any adverse affect on Nortel's business and market price of its  publicly traded securities arising from continuing negative publicity  related to Nortel's restatements; Nortel's potential inability to attract  or retain the personnel necessary to achieve its business objectives; any  breach by Nortel of the continued listing requirements of the NYSE or TSX  causing the NYSE and/or the TSX to commence suspension or delisting  procedures; (ii) risks and uncertainties relating to Nortel's business  including: yearly and quarterly fluctuations of Nortel's operating results;  reduced demand and pricing pressures for its products due to global  economic conditions, significant competition, competitive pricing practice,  cautious capital spending by customers, increased industry consolidation,  rapidly changing technologies, evolving industry standards, frequent new  product introductions and short product life cycles, and other trends and industry characteristics affecting the telecommunications industry; the  sufficiency of recently announced restructuring actions, including the  potential for higher actual costs to be incurred in connection with these  restructuring actions compared to the estimated costs of such actions and  the ability to achieve the targeted cost savings and reductions of Nortel's  unfunded pension liability deficit; any material and adverse affects on  Nortel's performance if its expectations regarding market demand for particular products prove to be wrong or because of certain barriers in its  efforts to expand internationally; any reduction in Nortel's operating  results and any related volatility in the market price of its publicly  traded securities arising from any decline in its gross margin, or  fluctuations in foreign currency exchange rates; any negative developments  associated with Nortel's supply contract and contract manufacturing  agreements including as a result of using a sole supplier for key optical  networking solutions components, and any defects or errors in Nortel's  current or planned products; any negative impact to Nortel of its failure  to achieve its business transformation objectives; additional valuation  allowances for all or a portion of its deferred tax assets; Nortel's  failure to protect its intellectual property rights, or any adverse  judgments or settlements arising out of disputes regarding intellectual  property; changes in regulation of the Internet and/or other aspects of the industry; Nortel's failure to successfully operate or integrate its strategic acquisitions, or failure to consummate or succeed with its strategic alliances; any negative effect of Nortel's failure to evolve  adequately its financial and managerial control and reporting systems and  processes, manage and grow its business, or create an effective risk  management strategy; and (iii) risks and uncertainties relating to Nortel's  liquidity, financing arrangements and capital including: the impact of  Nortel's most recent restatement and two previous restatements of its  financial statements; any inability of Nortel to manage cash flow  fluctuations to fund working capital requirements or achieve its business objectives in a timely manner or obtain additional sources of funding; high  levels of debt, limitations on Nortel capitalizing on business  opportunities because of credit facility covenants, or on obtaining  additional secured debt pursuant to the provisions of indentures governing  certain of Nortel's public debt issues and the provisions of its credit  facilities; any increase of restricted cash requirements for Nortel if it  is unable to secure alternative support for obligations arising from  certain normal course business activities, or any inability of Nortel's  subsidiaries to provide it with sufficient funding; any negative effect to  Nortel of the need to make larger defined benefit plans contributions in  the future or exposure to customer credit risks or inability of customers  to fulfill payment obligations under customer financing arrangements; any  negative impact on Nortel's ability to make future acquisitions, raise  capital, issue debt and retain employees arising from stock price  volatility and further declines in the market price of Nortel's publicly  traded securities, or any future share consolidation resulting in a lower  total market capitalization or adverse effect on the liquidity of Nortel's  common shares. For additional information with respect to certain of these  and other factors, see Nortel's Annual Report on Form10- K/A, Quarterly  Report on Form 10-Q and other securities filings 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.

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