Nortel ( NT) shuffled its board and said some execs would pay back controversial bonuses as the company seeks to turn the page on its bookkeeping troubles.The Brampton, Ont., telecommunications-equipment giant made the statement early Tuesday as it finally filed its 2003 annual report. The move came after the company spent more than a year grappling with a series of financial restatements and briefly scared investors in a
"With the completion of our restatements we have a solid foundation on which to move forward with our business," said CEO Bill Owens. Nortel also hired Susan Shepard as its chief ethics and compliance officer. The company said Chairman L.R. Wilson and directors L. Yves Fortier, Sherwood Smith Jr., Guylaine Saucier and James Blanchard won't stand for re-election to the board. "The regular rotation of directors provides an appropriate balance of renewal with continuity and orderly succession," Wilson said. "Given we were unable to hold a shareholders' meeting in 2004, the board felt it essential that the process be accelerated at the upcoming meeting. Accordingly, after discussions with the board, five directors, including myself, all initially elected to the board between 1991 and 1997, have decided not to stand for re-election." Early Tuesday, Nortel rose 19 cents to $3.53.