Telecommunications equipment giant Nortel Networks Corp. said that former chief financial officer Peter Currie will rejoin the company in that post effective Feb. 14.

Currie will replace departing CFO William Kerr, who is stepping down. Kerr assumed the post last year to lead the completion of the company's restatement, after the company fired former CFO Douglas Beatty along with its former chief executive and former controller amid a massive accounting scandal.

Earlier this month, Nortel Networks Corp., which is under investigation by U.S. and Canadian securities regulators in connection with its past financial restatements, restated results for 2001, 2002 and 2003.

Nortel said that Kerr has agreed, at the request of president and chief executive officer Bill Owens, to serve as senior advisor to the CEO. In addition to assisting Currie in the transition to his role, Nortel said that Kerr will "make a strategic contribution to the company's plans for market expansion and growth."

Currie most recently served as vice chairman and CFO of financial services firm RBC Financial Group. He previously served as senior vice president and CFO at Nortel from 1994 until early 1997. Currie held a variety of management positions with the Nortel finance organization from 1979 to 1992, including general auditor, controller and vice president of finance.

Separately, Nortel announced that controller MaryAnne Pahapill is leaving to take a financial position outside the company. Pahapill, who joined Nortel in 1999, became controller last year, replacing former controller Michael Gollogly, who was fired amid the accounting scandal.

Karen Sledge will assume the role of controller on an interim basis, effective Feb. 7, while the company searches for a permanent successor. Sledge, who joined Nortel in 1985, has served as assistant controller since 2003.

Currie has also been appointed chief financial officer and Sledge, interim controller, of Nortel Networks Ltd., the company's principal operating subsidiary.

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