Nortel Tries to Break With Troubled Past

Nortel (NT Quote) minced few words Wednesday as it put an end to the turbulent Frank Dunn era.

The Canadian telecom gearmaker shocked Wall Street by firing CEO Dunn and two top finance officers, citing their lack of accountability. Dunn was immediately replaced by Nortel Director and former Teledesic Chief Bill Owens.

Industry observers say the rare "for cause" dismissal indicates the board wants a clean break with its troubled past. The move also betrays a strong conviction on the board's part that the three executives were at the center of Nortel's accounting scandal.

Now, looking back, analysts and industry watchers say there may have been more than coincidence at work in the questionable accounting that took place on Dunn's watch and the company's sudden banishing of red ink early last year. Interestingly enough, the company's splash into the black happened just as Nortel execs stood to collect on a $50 million return-to-profit bonus. ...