Nortel hires Accenture to revamp financial organization
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TORONTO - Nortel Networks said Friday it has hired consulting firm Accenture to help it revamp its financial organization. Accenture will review elements of Nortel Networks global finance organization and
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Nortel Networks Corp.  , one of the world's largest telecom equipment makers, released its long-awaited restatement of 2003 results on Tuesday.
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WASHINGTON (CBS.MW) -- The latest corporate overhaul by Nortel Networks will shear the company of all its manufacturing operations and leave it with 70 percent fewer workers than it had four years ago.
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NEW YORK - It certainly sounds like bad news when a company fires seven executives for financial malfeasance, lays off 3,500 employees and advises investors that it expects sluggish market growth for the year. But for Ontario-based Nortel Networks, it&#39;s ...
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Alcatel-Lucent&#39;s head of enterprise systems, Hubert de Pesquidoux, will take on the role of chief financial officer as part of a management shake-up intended to streamline decision-making. The company has suffered from lackluster performance since its formation from the&#160;merger of Alcatel and Lucent Technologies&#160;last December.CEO Patricia Russo announced the changes Wednesday, at the same time&#160;outlining a three-point plan for restoring the company to profitability. The company also reported a third-quarter loss of &#8364;345 million ($492 million) on revenue of &#8364;4.35 billion.Russo will in future be advised by panel of seven senior executives, down from 11 before. Just two of them are former Lucent employees: Cindy Christy, who will add Central and Latin America to her existing responsibility for North American sales, and John Meyer, head of services, a role he held at Lucent.The merging of North America with Central and Latin America in Alcatel-Lucent&#39;s sales structure is part of a broader move to simplify the way the company sees the world, splitting it into just two regions: the Americas, and the rest.Former CFO Jean-Pascal Beaufret is &quot;leaving the company to pursue other opportunities,&quot; but will remain for a short period as he hands over to de Pesquidoux. It wasn&#39;t immediately clear if de Pesquidoux would also remain head of the enterprise systems group or if Alcatel Lucent would seek someone else.De Pesquidoux, a former merchant banker, is also part of the new management team. He used to run Alcatel&#39;s North American operations before taking over the merged company&#39;s enterprise systems division. Although enterprise systems is the smallest of the company&#39;s business units, contributing just &#8364;380 million of its &#8364;4.35 billion revenue last quarter, it is the best performing, with an operating profit margin of 7.6 percent.The remaining members of the management team are Chief Technology Officer Etienne Fouques, head of human resources and communications Claire Pedini, carrier business group head Michel Rahier, and Frederic Rose, who heads up the company&#39;s business in Europe, the Middle East, Africa, and Asia Pacific.Rahier will oversee one of the biggest changes in the company&#39;s product structure, as it eliminates the layer of management that divided the carrier business group into separate wireless, wireline and convergence teams.Other changes ahead for the company include a tighter focus on products to help carriers transform their networks to an all-IP (Internet Protocol) infrastructure, a move from products to value-added services, and a more streamlined organization with fewer staff in support functions to eliminate post-merger duplication.Pedini&#39;s role in human resources is particularly significant as the company prepares to shed a further 4,000 jobs by 2009, having already cut 3,800 in the first half of this year. Her approach is likely to focus on the numbers -- the company hopes the job cuts will save it a further &#8364;400 million -- rather than the people, as she worked for four years as Alcatel&#39;s deputy CFO, only taking on the role of vice president of human resources and communications in January 2006.This article was updated with new information on October 31, 2007.
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TORONTO - Nortel Networks will finally give investors a long-awaited look at several years of reworked financial statements beginning next week.
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Scott A. Livengood will be replaced as chief executive by Stephen F. Cooper, a turnaround specialist who took over that role at Enron after its collapse.
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Analysts will wade through the flood of revisions to financial data that Nortel Networks Corp.  is expected to unleash next week looking not so much for insights into its past, but for clues to its future.
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Bear Stearns Cos Inc  on Tuesday turned to its star investment banker, Alan Schwartz, to replace James Cayne as chief executive and revive the company's badly damaged mortgage franchise.
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Nortel Networks reversed a longstanding position that its revenue growth would exceed the overall market's this year.
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Bear Stearns, which bailed out two hedge funds with $1.6bn, hires a new head of asset management.
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Nortel Networks released audited financial statements and said that an inquiry showed that executives had manipulated the initial results to obtain bonuses.
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Nortel Networks Corp., a telephone equipment maker that is the focus of regulatory and criminal probes in the US and Canada, delayed by a month the filing of financial statements for 2003 and the first half of 2004.
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Nortel Networks Corp. named its first chief marketing officer on Monday in keeping with the new initiatives announced last month by CEO William Owens.
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Lowe Worldwide's new leader has a reorganization plan for the agency, which is recovering from account losses, management turmoil and failed mergers.
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Nortel Networks Corp., North America&#39;s bigger maker of phone equipment, named Clent Richardson as its chief marketing officer, filling a position that was vacant for almost two years.
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A new system from Nortel will replace British Telecom&#39;s existing distributed infrastructure based on Nortel Meridian private branch exchange products.