WorldCom CEO to step down by year-end
Sidgmore took the job in April following the departure of Bernie Ebbers, shortly before the company uncovered record-breaking accounting irregularities and filed for Chapter 11 bankruptcy protection.
"Mr Sidgmore always intended for his appointment in April 2002 to be an interim solution in response to the swift departure of WorldCom's former CEO," the company said in a statement. "Mr. Sidgmore had always intended to bring the company to a point of stability and to hire a new CEO...which the company believes can be accomplished in an accelerated timeframe."
When the bulk of the Chapter 11 restructuring is completed, Sidgmore will return to his former role as vice chairman, the company said. The executive search will be conducted by the WorldCom board, along with the Official Committee of Unsecured Creditors. The company is also looking for new directors to sit on its board.
The company said it "remains on track to restructure and emerge from Chapter 11 protection in mid-2003." According to reports, the executive search will take "several weeks", implying the lucky new CEO will have to guide WorldCom through the latter stages of its bankruptcy proceedings.