Nortel Networks Corp. has put CFO Douglas Beatty and controller Michael Gollogly on paid leaves of absence as part of an investigation into the situation surrounding the company’s restatment. Willaim Kerr has been named interim CFO and Mary Anne Pahapill has been named interim controller.
The restatement was announced in October and last week Nortel said it will prbably have to revise results for the year ended December 31 2003 – including several quarterly reports – plus results for one or more earlier periods.
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