Monday, October 17, 2005

Mon - Nortel names Motorola's Zafirovski as CEO

Mike Zafirovski is to take over as Nortel Networks CEO from Bill Owens.

Owens an ex-admiral and former vice-chairman of US Joint Chiefs of Staff was named CEO 18 months ago when Nortel revealed it had misreported results for 5 years and ousted 10 executives.

Owen's has done a good job stabilising Nortel, but now it seems it needs someone with specific telco business building skills to get Nortel growing again.

Mike Zafirovski was brought in to turn around Motorola's mobile phone business in 2000. He did a good job, but left Motorola in January after being passed over for the CEO job, which went to outsider Ed Zander.

Nortel looks set for a solid year this year as 2nd quarter profits tripled and demand from wireless carriers soared. The company says sales for 2005 will beat analyst expectations. Things look a lot rosier for Nortel going forwards.

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