Nortel names CFO

Nortel Networks Corp. Wednesday announced the appointment of Douglas Beatty as chief financial officer, effective immediately.

Beatty has been the company's controller since 1999, responsible for all external and management reporting requirements. Nortel President and CEO Frank Dunn had been serving as acting CFO since February, when Terry Hungle resigned amid apparent inappropriate personal investment transactions.

Beatty will be responsible for the functions of treasury, control, investor relations, tax, financial operations and planning, general auditor and corporate development.

Beatty joined Nortel in 1985 after spending six years in control and treasury positions with a large diversified Canadian investment company. Over the next nine years, he held various senior financial positions within Nortel.

In 1995, Beatty joined Sprint Canada as vice president, finance. He returned to Nortel in March 1999 as controller.

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