Feeds

WorldCom CEO to step down by year-end

As planned

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

ComputerWire: IT Industry Intelligence

WorldCom Inc CEO John Sidgmore intends to leave the post shortly, he said yesterday, and the scandal-rocked carrier is now seeking a replacement.

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.

© ComputerWire

Website security in corporate America

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.