Nortel Networks on February 11 announced the resignation of Terry Hungle, its recently appointed chief financial officer. The U.S. Securities and Exchange Commission (SEC) and the Ontario Securities Commission have been voluntarily notified of the circumstances surrounding certain personal investment transactions carried out in 2001 by Hungle in the Nortel Networks long-term investment plan. These transactions occurred outside the trading windows imposed by the company upon certain employees, including Hungle, and prior to news releases issued by the company on March 27, 2001 and December 21, 2001, that caused significant swings in the company's share price. Pending the appointment of a new chief financial officer, Frank Dunn, president and chief executive officer, Nortel Networks, acts as chief financial officer. Dunn said, "Let me emphasize that this matter solely relates to the personal investment transactions made by Terry Hungle and does not relate to the business, operations or financials of Nortel Networks."
