Mike Zafirovski Quotations

We have an unwavering commitment to be among the top companies in the world in corporate governance and business and financial controls.

We have identified services as one of the key strategic areas to drive our business momentum and growth. We are expanding what is already a robust collection of services offerings.

Now we are ready for the next phase. We have our sights squarely focused on restoring Nortel's credibility, executing a winning plan for profitable growth and recapturing Nortel's position as a great company.

I have found a deep sense of commitment and pride from the Nortel employees and I am excited by the energy generated for our business transformation, integrity renewal and growth activities. I also want to thank our employees and leadership team who have continued to execute with a passionate customer focus in the face of many challenges over the last several years.

I don't think it is an exaggeration to say you have helped save Nortel.

Our priority is to have accurate financial information. Although the need to restate certain financial statements is unfortunate, it's the right thing to do. This revenue is real -- it was recognized in the wrong periods. The restatements do not affect the company's cash position.

Resolving these important issues will enhance the company's ability to focus on our transformation and renewal priorities and our customers.

We have a very tall mountain to climb.

We have a team currently conducting a full review of our R&D priorities and investment areas. You can expect us to continue to share details related to R&D prioritization as decisions are made over the next 12 months.

Unfortunately, this was a necessary next step for us to achieve renewal and stay competitive in today's dramatic business environment, particularly given the current slowdown in the economy.

Today's agreement in principle is an important milestone for Nortel. We continue to work vigorously on the implementation of our remediation plan and addressing our outstanding regulatory matters. In addition, we continue to improve our governance provisions and financials systems and controls. These are critically important for the company. We remain fully committed to rebuilding value for the benefit of all stakeholders.

This revenue is real - it was recognized in the wrong periods.

With his experience at GE, AT&T, The Home Depot and Motorola, Dennis brings to Nortel an impeccable business pedigree. As I continue to strengthen the Company's leadership team, it's critical that we have individuals with global business experience working for world-class companies. Dennis will play a key role in driving the cultural and business transformation at Nortel that will be essential to the Company's future success.

As I continue to strengthen the company's leadership team, it's critical that we have individuals with global business experience working for world-class companies. Dennis will play a key role in driving the cultural and business transformation at Nortel that will be essential to the company's future success.

This appointment marks my commitment to maintaining Nortel's technology and innovation leadership. George's extensive knowledge of telecom and technology combined with his business acumen, strategic orientation and M&A experience will complement our strong leadership team and position the company for a successful future as we simplify our business, develop next-generation products and solutions, and focus on long-term, profitable growth.

There's a sense of confidence and optimism about the future.

As we head into a new chapter in Nortel's history, our global headquarters will reflect both the proud heritage of Nortel and the exciting journey that lies ahead. As well as being home to many of Nortel's corporate functions, The West Mall site will utilize Nortel's sophisticated solutions to showcase how we deliver innovative communications capabilities.

This is intended to be a growth story and will be a growth story. So though we may be exiting some activities ... we will be reinvesting in places we're going to win.

I am pleased that my full focus can now be applied to accelerating Nortel's business momentum.