nortel networks corporation nortel based in brampton ontario is a global supplier of networking solutions and services

In April 2004, Nortel issued a news release announcing the appointment of its new chief executive officer (CEO), Mr. William Owens, and the termination of its previous CEO, for cause. The previous CEO left his position on April 28 and left the company’s board of directors on May 21, 2004. Neither the chairman of the board of directors nor the new CEO would comment on the termination. A month earlier the chief financial officer and the controller had been placed on paid leave of absence and they too were fired. A day later, the U. S. Securities and Exchange Commission announced that it was investigating Nortel, and then the Ontario Securities Commission launched its own investigation. But the worst was yet to come.