Nortel announces senior management appointments

Bill Owens appointed Vice Chairman and CEO, Gary Daichendt appointed President and COO, Peter Currie appointed Executive Vice President and CFO

Nortel Networks Corporation [NYSE/TSX: NT] announced that its Board of Directors has made senior management changes designed to strengthen the Company's leadership team, drive global operational excellence and position Nortel for the future.  Bill Owens, president and chief executive officer (CEO), will continue to drive the strategic direction of the Company while dedicating new senior executive talent to Nortel's global operations and related functions.

To that end, Owens will become the vice chairman and CEO effective March 14, 2005. The Company further announced the appointment of Gary Daichendt to the position of president and chief operating officer (COO) reporting to Owens. Daichendt is a senior executive with more than 30 years of experience in the global technology industry and was previously executive vice president, Worldwide Operations, Cisco Systems. Daichendt's appointment is also effective March 14, 2005.

Peter Currie, who was appointed chief financial officer (CFO) effective February 14, 2005, will become executive vice president and CFO effective March 14, 2005. This appointment reinforces the critical importance of Currie's role in the transformation of Nortel's financial organization.

"We are playing to win," Owens said, "and Gary will play a critical role in our doing so. He is a world class leader with unquestioned integrity and one of the top technology executives in the world. Gary's deep involvement in the spectacular growth of some of the world's leading technology powerhouses and his unique track record have given him a special perspective and experience that will optimally position our great Company for our customers, shareholders and employees. All of us at Nortel are very pleased with his decision to join us."