TORONTO – Pavi S. Binning has been appointed as executive vice-president and CFO of Nortel. The senior executive with more than 25 years of financial experience, including chief financial officer positions at Hanson PLC and Marconi PLC, begins his new position on November 12.
He will also be appointed executive vice-president and CFO of Nortel Networks Limited, Nortel’s principal operating subsidiary. He will be based in Toronto.
“We conducted a thorough global search for our new CFO because I wanted the right candidate for the job. We found that with Pavi Binning,” said Nortel president and CEO Mike Zafirovski.
While at Marconi, Binning was responsible for finances and worked with the CEO on creating strategic and operational improvements and executing a corporate turnaround.
David Drinkwater, who has been acting CFO, will return to the position of chief legal officer (CLO). Gordon Davies, who has been acting CLO, will return to the position of general counsel, corporate and corporate secretary.
“I believe that Nortel will be one of the most significant turnaround stories in corporate history, and I am excited to be part of it,” said Binning.
