Nortel names new CFO

Nortel this week named a new CFO to replace Peter Currie, who resigned in April. Pavi Binning has been named executive vice-president and CFO after a five-month search. Binning’s appointment is effective Nov. 12.

Binning has more than 25 years of financial experience, including CFO positions at Hanson PLC and Marconi PLC. While at Marconi, Binning helped orchestrate a corporate turnaround leading to profitability and positive cash flow.

Binning, who will be based in Toronto, will also be appointed executive vice-president and CFO of Nortel Networks Limited, Nortel’s principal operating subsidiary. David Drinkwater, who has been acting CFO, will return to the position of chief legal officer (CLO), and Gordon Davies, who has been acting CLO, will return to the position of general counsel — corporate and corporate secretary.

Nortel has had a lot of turnover in executive management since late last year. Most recently, Nortel replaced its Enterprise Solutions chief.

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