|[March 31, 2005]
Nortel Names Gary Kunis as Chief Technology Officer; Brian McFadden to Lead Advanced Technology, Research and Standards Organization
TORONTO --(Business Wire)-- March 31, 2005 -- Nortel Networks Corporation (NYSE:NT) (TSX:NT) today announced the appointment of Gary Kunis as Chief Technology Officer (CTO). As CTO, Kunis will lead the strategic vision for the company's product and technology portfolio.
Until 2002, Kunis was the Chief Science Officer at Cisco Systems. One of the pioneers of the Internet in the 1980s, Kunis has led numerous development and engineering breakthroughs related to Internet Protocol (IP) standards and routing technology used to connect the worldwide web of networks that make up the Internet.
Kunis will report to Gary Daichendt, president and chief operating officer (COO), effective April 4, 2005.
"We're thrilled to have Gary join our team. He's an acknowledged Internet pioneer with a solid record of accomplishment and I know he will provide an outstanding contribution to Nortel's technology leadership," said Gary Daichendt, president and chief operating officer, Nortel. "His track record in leading the building, servicing and selling of network technologies globally will be a strong addition. He's an excellent senior leader who throughout his career has consistently demonstrated his ability to link technology innovation with business success both internally and externally."
In addition to the Kunis appointment, Nortel announced that Brian McFadden, a 26-year Nortel veteran and the current CTO, has been appointed to the role of Chief Research Officer (CRO), effective April 4, 2005. In his new role, McFadden will oversee the Advanced Technology, Research and Standards organization and will continue to report to the president and COO. He will be responsible for setting Nortel's research priorities to ensure they support the company's business strategies, which include maintaining an industry leadership position in end-to-end broadband, Voice over IP, multimedia services and applications, and wireless broadband solutions. McFadden will also ensure that Nortel continues to play a lead role in industry standards and regulatory organizations.
"We are absolutely committed to growing our business and a key component of that is our continued technology leadership," said Bill Owens, vice chairman and chief executive officer, Nortel. "Today's announcement reaffirms the profound importance of research and development to Nortel's future and our commitment to ensuring our technology decisions are highly integrated with our overall business strategy and the dynamics of an extremely competitive global market. Creating two distinct technology and research and development organizations with specific mandates and led by two very accomplished senior executives certainly reflects our 'playing to win' commitment to enhancing shareholder value."
Earlier in his career, Kunis was involved in the design, implementation and operation of large scale data and telecommunications networks for several U.S. government agency programs, including the Department of Defense, U.S. Navy, U.S. Air Force, National Aeronautics and Space Administration (NASA), as well as for civilian agencies while working for the Boeing Company. Kunis also held a number of senior engineering positions with Boeing's commercial and defense-related businesses.
A graduate of the State University of New York (SUNY) at Binghamton with a Bachelor of Arts degree in Economics, Kunis also holds a Master's Degree in Economics from Tufts University.
Kunis and McFadden have also been appointed CTO and CRO, respectively, of Nortel Networks Limited, the Company's principal operating subsidiary.
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 www.nortel.com. For the latest Nortel news, visit www.nortel.com/news.
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; the findings of Nortel's independent review and implementation of recommended remedial measures; the outcome of the 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 controls over financial reporting; the impact of Nortel's and NNL's failure to timely file their financial statements and related periodic reports, including breach of its support facility and public debt obligations and Nortel's inability to access its shelf registration statement filed with the United States Securities and Exchange Commission ("SEC"); ongoing SEC reviews, which may result in changes to our public filings; the potential delisting or suspension of Nortel's and NNL's publicly traded securities; 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, 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; 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 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; stock market volatility generally and as a result of acceleration of the settlement date or early settlement, which is currently not available, of Nortel's forward purchase contracts; 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; and the future success of Nortel's strategic alliances.
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.
Nortel, the Nortel logo and the Globemark are trademarks of Nortel Networks.
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