Retired admiral dives into business
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
He has written two books. The latest titled Lifting the Fog of War describes Owens' vision of the soldier of tomorrow.
His tour of duty in the private sector began as president of Southern California's Science Applications International Corp., a Fortune 500 research and engineering firm.
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