Nortel CFO steps down

Canadian vendor Nortel said late Wednesday that Peter Currie will step down as executive vice president and chief financial officer on April 30.

The company has begun searching for a new candidate and Currie will continue to provide advice and assistance during the transition.

Mike Zafirovski, president and CEO of Nortel said “Peter has successfully steered Nortel through many difficult financial issues and, in the process, has enhanced the Company’s governance.”

Currie, who has worked in the role for the past two years, has been credited with helping the company recover from an accounting scandal, which contributed to year after year of disappointing financials.

The long running $3.2bn financial scandal resulted in criminal investigations and in 2004 the company had to restate several years of profits and fired ten senior executives, including former chief Frank Dunn.