C-Level Shake-up at Nortel

By Colin C. Haley

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Nortel announced today that two senior executives have resigned after disagreements with the network equipment maker's CEO.

The departures of President and COO Gary Daichendt and CTO Gary Kunis are effective immediately. Both men, who previously held posts at a number of large IT firms, including Cisco (Quote, Chart), were just hired by Nortel in March.

"Gary has made a major contribution to Nortel during his time here and has added value to our strategic initiatives and business plan," CEO Bill Owens said of Daichendt in a statement. "It has become apparent to Gary and me, however, that we have divergent management styles and our business views differ."

Owens, a former U.S. Navy admiral hired by the Canadian company to right the ship after an accounting scandal, will assume the president and COO responsibilities for now.

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