Nortel Dissolves Executive Group, Puts Dunn In Full Charge

Nortel Networks

The Toronto-based company Thursday said in a statement after the market closed that it has dissolved the Office of the Chief Executive, a three-member team established in November to aid Dunn as he succeeded John Roth as president and CEO.

The threesome included Dunn, Executive Chairman Lynton Wilson and Roth, non-executive vice-chairman.

"This is a strong vote of confidence in Frank Dunn and his team," said Wilson, who returned to his former position as non-executive chairman, in the statement.

Roth, who has been with Nortel for 33 years, will leave the board in April, having decided not to stand for re-election.

Shares Friday closed up 7 cents at $5.14.

Nortel also named William Owens, former vice chairman of the Joint Chiefs of Staff, to the board. Owens currently serves as vice chairman and co-CEO of Teledesic, a Bellevue, Wash.-based $10 billion private venture building a satellite communications network.

He also served as president, CEO and vice chairman of Science Applications International Corp. (SAIC), an outsourcing and IT services firm based in San Diego.