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Nortel, the largest North American telephone-equipment maker, tumbled 33 cents, or 9.3 percent, to C$3.22 for the worst performance in the S&P/TSX. President Gary Daichendt quit after three months because his business views differ from those of Chief Executive Bill Owens, the company said. Nortel Chief Technology Officer Gary Kunis also resigned. Both moves are effective today.
The departures mark a setback for Owens, who had restated results and assembled a new management team after unraveling $3.23 billion in misreported sales and costs dating back to 1999.
If Nortel fails to find a replacement for Daichendt ``in a reasonable amount of time, you'd think they're a takeover target,'' said Gavin Graham, who helps manage C$4.9 billion at the Guardian Group of Funds in Toronto.
