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Canadian networking giant Nortel has gone outside the firm to pick a new president. Gary Daichendt is Nortel's new president and chief operating officer. He has more than 30 years experience in the IT industry and was previously a vice president for worldwide operations at Cisco.

Bill Owens steps down as president but remains as chief executive and vice-chairman. He will be responsible for Nortel's strategic direction.

Peter Currie, who joined Nortel last month as CFO, is promoted to executive vice president and CFO. Pascal Debon, previously president of carrier networks, becomes a special advisor to Bill Owens.

Nortel's previous chief executive Frank Dunn was sent packing in April last year in the wake of an accounting scandal. The firm is still to file accounts for 2003.

Press release on the Nortel website here.®

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