Nortel reshuffles top management

Nortel Networks shuffled its top management on Friday with the appointment of a former executive from Cisco Systems. Nortel, currently the target of criminal and regulatory investigations for accounting problems, named Gary Daichendt president and chief operating officer.

Daichendt worked at Cisco between 1994 and 2000, where he became senior vice president of sales and executive vice president of worldwide operations. In his new role at Nortel, he will oversee Nortel's carrier and enterprise businesses, research and development, and global sales and operations. He will report to chief executive William Owens, who previously held the president title. Owens will work as CEO and vice chairman under the new structure. Nortel also made chief financial officer Peter Currie an executive vice president.