Nortel Fires CEO, Postpones 1Q Report

Nortel Networks Corp. fired its CEO, Frank Dunn, and two other top executives for cause Wednesday and said it would delay reporting its first-quarter earnings.

April 28, 2004

1 Min Read
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NEW YORK (AP) -- Nortel Networks Corp. fired its CEO, Frank Dunn, and two other top executives for cause Wednesday and said it would delay reporting its first-quarter earnings.

The telecom equipment maker also said its audit committee was reviewing its previously reported financial results for the past three years. The company said it would restate 2003 earnings, reducing the year's profit by about 50 percent.

Nortel, based in Brampton, Ontario, also terminated its chief financial officer, Douglas Beatty, and controller, Michael Gollogly, both of whom had been put on paid leave of absence March 15.

The company said it put another four senior financial executives on paid leaves of absence Wednesday "pending further progress of the independent review."

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