Nortel Networks has placed Douglas Beatty, its incumbent Chief Financial Officer (CFO), and Michael Gollogly, its incumbent Controller, on paid leave of absence pending completion of an independent review being undertaken by the Nortel Networks Audit Committee. Two interim officers have named in the meantime.
The independent review is examining the circumstances leading to the restatement of Nortel Networks financial statements, which was announced in October 2003. The company announced on 10-March-2004 that as a result of the work done to date in connection with the independent review, Nortel Networks believes it is likely that it will need to revise its previously announced unaudited results for the year ended 31-December-2003, and the results reported in certain of its quarterly reports for 2003, and to restate its previously filed financial results for one or more earlier periods. http://www.nortelnetworks.com
