Nortel Appoints Mike Zafirovski to President and CEO

TORONTO - Nortel Networks Corporation's board of directors appointed Mike S. Zafirovski as president and chief executive officer (CEO). Zafirovski will succeed Bill Owens as president and CEO on November 15, 2005.

From 1975 to 2000, Zafirovski served with General Electric as president and CEO, GE Lighting; president, GE Capital Mortgage Corporation; and president and CEO, GE Capital Fleet Services.  In 2000, Zafirovski joined Motorola, first as president and CEO of the personal communications sector, and from 2002 to 2005, as president and chief operating officer of Motorola. 

Zafirovski, a native of Macedonia, immigrated to the United States in 1969.  He is married to Robin, and they have three sons. He is a director of The Boeing Corporation as well as a variety of philanthropic and educational institutions. 

Zafirovski has also been appointed president and CEO of Nortel Networks Limited, (NNL), the Company's principal operating subsidiary, and a director to the boards of the company and NNL, effective November 15, 2005.

Upon leaving Nortel, Bill Owens will continue his engagements around the world in serving on various boards, in promoting good governance, and will continue to pursue entrepreneurial endeavors as well as his philanthropic interests.