Nortel's CFO to resign

CNN MONEY

Telecommunications equipment maker says Peter Currie will step down in April, while it searches for a replacement.

TORONTO (Reuters) -- Telecommunications equipment maker Nortel Networks Corp. said Tuesday Peter Currie will step down as executive vice-president and chief financial officer, effective April 30.

The company said Currie, who had been Nortel's CFO since March 2005, will continue to provide advice and assistance to ensure a smooth transition.

"Peter has successfully steered Nortel through many difficult financial issues and, in the process, has enhanced the company's governance," President and Chief Executive Mike Zafirovski said in a statement.

Nortel has gone through several painful financial restatements in the years since the tech bubble burst. One, announced in March last year, was to correct revenue recognition mistakes, it said.

Nortel said it has initiated a search to fill the position.