TORONTO—Nortel Networks Ltd. announced it has hired George Riedel to serve as the company’s chief strategy officer.
Riedel has worked as Juniper Networks’ vice president of strategy and corporate development since 2003. Prior to joining Juniper, Riedel spent 15 years at consulting firm McKinsey and Co. as a director focusing on telecom and high-tech practices in North America and Asia.
Nortel said Riedel will be responsible for “leading the company’s corporate strategy, including business development and mergers and acquisitions.” In addition, Riedel will focus on emerging technologies, market opportunities and strategic partnerships, the company said.
“This appointment marks my commitment to maintaining Nortel’s technology and innovation leadership,” said Mike Zafirovski, chief executive officer of Nortel. “George’s extensive knowledge of telecom and technology combined with his business acumen, strategic orientation and M&A experience will complement our strong leadership team and position the company for a successful future as we simplify our business, develop next-generation products and solutions, and focus on long-term, profitable growth.”
The company said Riedel is set to begin his new position Feb. 28 and will be based in Toronto.
Nortel’s stock dropped 11 cents to $2.82 per share after the news.
