Lynton Wilson, chairman of the board at Nortel since 2001, stepped down on Thursday.

Wilson, who had been overseeing the firm through the tumultuous times created by the telecom industry crash and then financial scandal, is being replaced by Harry Pearce. Pearce is a former chairman of Hughes Electronics Corporation (now DIRECTV Group). He joined Nortel as a director in January.

The change was announced at Nortel’s first stockholders meeting since 2003 at its headquarters in Canada.

Nortel also announced several changes in its board of directors. Among the new ones is Jim Hunt.

Nortel: www.Nortel.com