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Local Tech Wire

RESEARCH TRIANGLE PARK, N.C. – Pavi Binning, who has run bankrupt in recent months with the title of chief restructuring officer, left the telecommunications gear company as of Sunday.

Binning, who also was chief financial officer, will be replaced as CFO by John Doolittle, the company announced late Friday. The CRO position will not be filled, Nortel’s board said in a statement.

Doolittle is a 19-year veteran of Nortel and was senior vice president of finance before taking the CFO role.

Mike Zafirovski resigned as Nortel’s chief executive last August.

Nortel, which still maintains some operations in RTP, has sold off most of its assets as part of a liquidation process after declaring bankruptcy in January of last year.

Binning and “the Board of Directors, have jointly determined that it is an appropriate point for Mr Binning to step down from his position and to depart from the Company,” Nortel said in its statement.

The decision came Friday after Nortel closed on the sale of its optical networking and carrier Ethernet businesses to Ciena. Some 2,000 Nortel workers will join Ciena as part of the deal.

"Pavi has been an excellent leader for the organization under very challenging circumstances," said David Richardson, Nortel’s chairman, in a statement.

"He has played a key role in the Company meeting its restructuring objectives including maximizing the value of Nortel’s assets through the sale of the businesses in a very difficult economic environment, with a focus on ensuring the best outcome for Nortel’s businesses and its creditors, which include employees and bondholders,” Richardson added.

Nortel sold the businesses to Ciena for some $774 million.