Nortel Fires CEO Frank Dunn, Makes Other Changes

There is a big shakeup at the top for Nortel.

The company recently fired Chief Executive Officer Frank Dunn and will delay reporting its quarterly financial statements. The company also said it was reviewing its financial results for 2003.

The telecom equipment maker also fired its chief financial officer, Douglas Beatty, and controller, Michael Gollogly.

William Owens has been appointed president and chief executive officer of the company.

Nortel officials said they cannot comment specifically about the firings, but they said they are related to accountability for financial reporting.