Nortel Networks Announced Peter Currie as Chief Financial Officer



TORONTO -/31 Jan, 2005 - Wi-Fi Technology News/- Nortel Networks Corporation [NYSE/TSX: NT] announced the appointment of Peter Currie as chief financial officer effective February 14, 2005. Currie is a senior executive with more than 30 years of financial experience who was most recently vice chairman and chief financial officer of RBC Financial Group, one of North America's leading financial services organizations.

"Nortel has recently achieved a very significant financial reporting milestone and is committed to the ongoing transformation of its Finance organization and financial systems in a manner which will meet the highest professional standards and support shareholder value creation," Currie said. "I am very pleased to join this leadership team in working aggressively to grow the Company's business and position Nortel well for the future."

This appointment was made following the decision by William Kerr, the current chief financial officer, to step down from this position, which he had assumed last year to lead the completion of the restatement. At the request of president and chief executive officer Bill Owens, Kerr has agreed to serve as senior advisor to the CEO. In addition to assisting Currie in the transition to his role and the ongoing transformation of the Company's finance organization, Kerr will also make a strategic contribution to the Company's plans for market expansion and growth.

Separately, Nortel also announced that its controller, MaryAnne Pahapill, has accepted a financial position outside the company. Karen Sledge will assume the role of controller on an interim basis, effective February 7, 2005 and the Company has initiated a search process to fill the position permanently.

"As we look toward the future with a focus to growing our business and extending our industry leadership globally, I am delighted to have Peter in such a key role," Owens said. "He is an extremely experienced and highly regarded addition to our senior management team, bringing significant depth in both statutory and management reporting in Canada and the United States. I also want to personally thank Bill and MaryAnne for their extraordinary commitment and dedication in completing the Company's restatement. It was a mammoth task and both of these leaders came into their respective roles with a specific focus on the completion of the restatement. The Board of Directors and management owe them a huge debt of gratitude."

Currie is rejoining Nortel as he had previously served as senior vice president and chief financial officer from 1994 until early 1997. From 1979 to 1992, Currie held a variety of management positions with the Nortel Finance organization including General Auditor, Controller and Vice President, Finance for different business segments. During his career he has also held the role of Executive Vice President and Chief Financial Officer at North American Life Assurance Company. He serves on the boards of directors of York University, from which he graduated with an MBA, Toronto East General Hospital and The C.D. Howe Research Institute. In 2003 he was honoured as Canada's "CFO of the Year" by Financial Executives International (Canada).

Since joining Nortel in 1985, Karen Sledge has held a number of positions in the Company's Finance organization, including most recently as assistant controller since 2003.

Currie has also been appointed chief financial officer and Sledge, interim controller, of Nortel Networks Limited, the Company's principal operating subsidiary.


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 http://www.nortel.com.