Reuters
Nortel CFO, Controller Put on Leave
Monday March 15, 10:42 am ET
By Luke McCann
TORONTO (Reuters) - Nortel Networks Corp. (Toronto:NT.TO - News; NYSE:NT - News) said on Monday that it had placed two top executives on paid leave of absence as part of an accounting review, sending its shares down 7 percent.
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The leading telecom equipment maker, which warned it will likely revise its 2003 results, has named William Kerr as interim chief financial officer to replace Douglas Beatty and MaryAnne Pahapill as interim controller for Michael Gollogly.
Nortel stock was the most active in Toronto and New York on Monday morning. It fell 62 Canadian cents to C$7.96 in Toronto, and dropped 43 cents to $5.99 in New York.
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