Business Services Industry
Nortel Fires CEO, Top Executives after Audit Turns Telecom's Profits to Loss.
Knight Ridder/Tribune Business News, April, 2004
By Vikas Bajaj, The Dallas Morning News Knight Ridder/Tribune Business News
Apr. 29--Nortel Networks Corp.'s board sacked its chief executive and two others senior officials Wednesday as an accounting investigation grew and threatened to put the company into financial jeopardy.
The company fired CEO Frank Dunn, chief financial officer Doug Beatty and controller Michael Gollogly six months after it began an internal review of financial statements dating back to 2000. Officials said the review will take more time to complete and would force it to restate six months of profits in 2003 as losses and lower its losses in prior years. U.S. and Canadian regulators are investigating the company.
Nortel's stock fell 28 percent, or $1.59, to...
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