Nortel Names Karr Controller

The company says he will be 'chief architect and driver' of financial reform
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named Paul Karr controller.

The Canadian telecom gearmaker said the former

Bristol-Myers Squibb

(BMY) - Get Report

exec will be "chief architect and driver of strengthening the financial controls" at Nortel. Nortel has been mired in a massive restatement for more than a year now. The company said Karr held a similar position at Bristol, a New Jersey-based pharmaceutical house that underwent its own wrenching restatement a few years back.

On Wednesday, Nortel rose a nickel to $2.67.