Chutes & Ladders: Nortel appoints former Motorola exec as CEO

Nortel Networks' board of directors has appointed Mike Zafirovski as president and CEO. Zafirovski will take the position effective November 15. Zafirovski left his COO post at Motorola in January after being passed over for CEO. Bill Owens is stepping down as Nortel's president and CEO. Owens said the company needs a fresh face at the helm after its recent crisis, alluding to the accounting scandal that has plagued Nortel for the past 18 months.

For more on Nortel's new CEO:
- read this article from The New York Times