Carly and Nortel

Almost immediately after storied HP chief executive Carly Fiorina got fired last week, questions began to breed about whether the former Lucent executive would consider a return to the telecom industry. (Only someone who has been outside telecom for the past six years would consider such a move.) For example, if Nortel Networks CEO Bill Owens opts to move on once the accounting problems that prompted his appointment are resolved, would Nortel look to recruit its old adversary, Fiorina, bending to investors who have recently called for an infusion of outside talent? Nortel would be well-served by Fiorina's demonstrated talent — she galvanized Lucent's sales force and managed its public offering — but her track record should raise concerns. Though Fiorina once called the 1997 merger of Lucent's consumer products division with Philips the biggest mistake of her career (she also convinced former CEO Rich McGinn to adopt the sloppy red circle logo, the success of which may be in the eye of the beholder), the lesson didn't dissuade her from insisting on the high-publicity HP/Compaq merger that was her undoing. Since Fortune magazine hailed her “the most powerful woman in American business” in 1998, “Carly,” as she's known, may have generated more fame than investor returns. And she is rumored to have an interest in politics, where name recognition often trumps failures. She may find that field a better fit than telecom.