Generation Mortgage Co., a reverse lender in Atlanta, has hired Scott Peters from Nortel Networks Corp., a maker of telecommunications equipment, to be its new president and chief executive.

He succeeded Joe Morris, who is taking on the job of executive director for industry relations. Morris, who had been president and CEO since the company's founding in 2006, will represent Generation in the National Reverse Mortgage Lenders Association and in its dealings with mortgage brokers and lawmakers.

Peters, 51, led Nortel's global business services division, which has more than 500 employees, and has also worked at BellSouth Corp. But he is no stranger to financial services, having also been an executive at General Electric Capital Corp., Massachusetts Mutual Life Insurance Co. and the credit card marketer CompuCredit Corp.

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