Nortel fires CEO, CFO, and controller

Wow. Nortel this morning said it had fired CEO Frank Dunn “for cause”.
It also made the temporary suspensions of a former chief financial officer and comptroller permanent, i.e. Douglas Beatty and Michael Gollogly were fired, also “for cause.”
What the cause is is what reporters are trying to find out today. Nortel is in the midst of an accounting scandal and today said it would delay results and drastically re-state earnings.
The stock lost 20 per cent on the news.

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