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Nortel president to leave in August

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Toronto--Nortel Networks announced late Monday that President Dave House will leave the Toronto-based telecommunications company by the end of August. The announcement came exactly one year after Nortel acquired data transfer company Bay Networks, where Mr. House was CEO. In a statement, Mr. House said that with the merger completed, ``it's the right time for me to explore other opportunities.'' Mr. House will remain on Nortel's board of directors. Also Monday, Nortel announced Bill Hawe has been named the company's chief technology officer. Mr. Hawe held a similar position with Bay Networks.
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