Retired admiral dives into business

[seemslikeadream]

STEVEN THEOBALD
BUSINESS REPORTER

A former nuclear-submarine commander has surfaced as the new head of Nortel Networks Corp.

Ret. Admiral William Owens, who had risen to the rank of vice-chairman of the U.S. Joint Chiefs of Staff, will now be navigating through a minefield of accounting irregularities.

Owens, 63, replaces Frank Dunn, who Nortel fired yesterday as chief executive.

The Brampton-based telecommunications giant also announced it will again restate 2003 earnings, warning that last year's reported profits may be cut in half.

Owens, who left the military in 1994 after a 33-year career, was appointed to Nortel's board of directors in 2002

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