TORONTO – Nortel Networks announced Monday that Mike Zafirovski has been named as president and CEO.
Zafirovski will succeed Bill Owens on November 15th, 2005.
"Mike Zafirovski has the kind of proven, team-building leadership that has seen him create significant new value during his career in two of the world’s most important global corporations," said Harry J. Pearce, chairman of the board of Nortel. "He’s the right leader to build on the important work of Bill Owens – and take Nortel to the next level."
Zafirovski, 51, has a 30-year career of leadership with two of the world’s highest profile corporate innovators, General Electric and Motorola. From 1975 to 2000, Zafirovski served with General Electric in a succession of senior executive positions in a number of the company’s key divisions: president and CEO, GE Lighting; president, GE Capital Mortgage Corporation; and president and CEO, GE Capital Fleet Services.
In 2000, Zafirovski joined Motorola, first as president and CEO of the Personal Communications Sector, and from 2002 to 2005, as president and chief operating officer of Motorola.
"At a moment of great challenge and enormous need in the history of this company, the Board turned to one of its own, whose long career embodied the highest levels of trust, integrity and distinguished leadership," Pearce said, in lauding outgoing CEO Owens. "We needed an experienced, steady hand and Bill delivered. On behalf of our board, our employees, investors, partners and customers, we will be forever grateful."
"As Nortel has said over the past many months ‘We are Playing to Win’ and Mike’s coming on board is a most important step along that path. His proven track record in the global telecom sector and the business world will serve this company, our shareholders and our customers extremely well. I’m proud to have him take the helm,” said Owens.
"We are proud of and pleased with our achievements over the past 19 months. We are on a very stable, solid footing, with a rebuilt and strong senior management team, are back to regular financial reporting, and are growing business in some of the most important markets in the world. The employees, customers and partners of this great company are world class and I am deeply grateful for their support and dedication. At 65, I’m now pleased to turn over this company to a proven leader to drive our success over many years ahead."
"Candidly, there are very few companies that combine Nortel’s rich legacy of innovative leadership and customer base with its enviable position in the world’s most important and fastest growing markets. I’m thrilled to have the opportunity to work with the global and dynamic team of men and women at Nortel,” added Zafirovski.
Zafirovski, a native of Macedonia, emigrated to the United States in 1969. He is married to Robin, and they have three sons. He is a director of The Boeing Corporation as well as a variety of philanthropic and educational institutions.
