Nortel loses CFO

Nortel Networks Ltd. announced that Peter Currie will step down as chief financial officer of the telecom equipment maker, effective April 30. The latest setback for the company comes on the heels of a recently finalized payout of more than $2.4 billion in cash and stock to settle stockholder lawsuits. The lawsuits were a response to Nortel restating its financial reports from 2001, 2003 and early 2005 due to accounting errors.
Currie came on board after the accounting errors were disclosed and has been with the company for two years.
While it’s unclear if this latest move will undermine investors’ confidence in the company’s slow, yet largely consistent, turnaround, shares were down nearly 3 percent following the news. Nortel maintains that Currie’s departure was of his own doing and that he was not forced out. Currie, who previously held the CFO position at Nortel from 1994 to 1997, is expected to continue advising the company after he leaves.
“I believe that I have achieved at Nortel what I returned to accomplish. We have transformed the finance organization, significantly strengthened internal controls, and improved the balance sheet,” Currie said.