Unfortunately, this was a necessary next step for us to achieve renewal and stay competitive in today's dramatic business environment, particularly given the current slowdown in the economy.

I don't think it is an exaggeration to say you have helped save Nortel.

Resolving these important issues will enhance the company's ability to focus on our transformation and renewal priorities and our customers.

We have a very tall mountain to climb.

I am pleased that my full focus can now be applied to accelerating Nortel's business momentum.

As I continue to strengthen the company's leadership team, it's critical that we have individuals with global business experience working for world-class companies. Dennis will play a key role in driving the cultural and business transformation at Nortel that will be essential to the company's future success.

As we head into a new chapter in Nortel's history, our global headquarters will reflect both the proud heritage of Nortel and the exciting journey that lies ahead. As well as being home to many of Nortel's corporate functions, The West Mall site will utilize Nortel's sophisticated solutions to showcase how we deliver innovative communications capabilities.