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April 30, 2002 — (WEB HOST INDUSTRY REVIEW) — Communications company WorldCom Inc. (worldcom.com) announced on Tuesday that Bernard J. Ebbers, the 60-year-old CEO who built WorldCom into one of the world?s top telecommunications companies, has resigned his position as President, CEO and Director of the company.
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Ebbers is succeeded by WorldCom vice chairman John Sidgmore, who, says the company, immediately assumes the position of President and CEO. Bert Roberts will continue as chairman of the board.
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Analysts and industry insiders say the resignation was an unexpected but necessary shake-up for a company who?s shares have fallen from heights of $64 dollars in 1999 to just $2.35 as of Monday?s close.
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“I am honored to have the opportunity to lead WorldCom and plan to build on our efforts to utilize our global assets to best serve our customers,? says Sidgmore. ?We are an exceptional company and a global leader with few peers.?
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Sidgmore says the whole industry has suffered from the recent economic downturn, but he feels that WorldCom is well positioned to capitalize on an approaching upturn.
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Sidgmore, says WorldCom, has a successful history of building communications companies, previously serving as president of MFS Communications Company and president and CEO of UUNET Technologies Inc., as well as serving as vice chairman of WorldCom since its purchase of UUNET in 1996.
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“Bernie Ebbers did an outstanding job of building what once was a small long-distance company into one of the largest communications providers in the world,” says chairman Bert Roberts. “Thanks to Bernie, WorldCom is an industry leader with the most valuable customers, assets and employees in the communications industry today. We are grateful for his vision and his service.”
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Ebbers himself says he is confident that WorldCom will ?continue to lead the industry, setting the standards others will follow.?
