Mike Zafirovski Quotations

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.

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

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.

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

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.

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.

We have a very tall mountain to climb.