Nortel slashes staff and dumps CEO

OCTOBER 4, 2001

Nortel slashes staff and dumps CEO

CANADA's Nortel Networks, which in recent years has been a big sponsor of the Williams team, has announced that it is cutting staff by 30% having lost $3.6bn so far this year. John Roth, the chief executive, is to be replaced by the company's chief financial officer Frank Dunn. In the circumstances it will be interesting to see if the deal will be continued next year. The current deal runs out at the end of the year.

It is worth noting that Williams was due to make a major sponsorship announcement at the United States GP but decided that the timing was not right and so postponed the plans.

Other stories for OCTOBER 4, 2001

NO TEST LIMITS ON TEAMS

FORMULA 3000 MOVES CLOSER TO F1 SPECIFICATION

ELECTRONIC RULE CHANGES IN F1

NO SURPRISES ON 2002 F1 CHAMPIONSHIP CALENDAR

NORTEL SLASHES STAFF AND DUMPS CEO

NO CHANGE FOR INDIANAPOLIS NEXT YEAR

HAKKINEN ANALYSES SCHUMACHER

MONTOYA PRAISES NEW BMW V10

WURZ FASTEST IN BARCELONA

F3000 STARS SHINE AT MUGELLO