Six WorldCom board members resign in Mississippi
Six of WorldCom Inc. 11 board members quit Tuesday, leaving only new chairman Michael Capellas and three outside directors. Bert Roberts Jr. and John Sidgmore are to stay as consultants. a creditors committee will lead with Capellas in naming new directors. The resignations come after Capellas took the helm two weeks ago amid the company’s bankruptcy and a probe by Richard Thornburgh.
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Capellas
WorldCom
Bert Roberts Jr
John Sidgmore
U.S
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Thornburgh
WorldCom Board Resignations Rock Governance Shakeup
Tuesday saw resignations of Bert Roberts Jr and John Sidgmore from WorldCom two weeks after Michael Capellas took the helm. Giuliani is eyed for board consideration as WorldCom weighs governance changes. Remaining board includes Nicholas Katzenbach Dennis Beresford and C B Rogers Jr.
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Nicholas Katzenbach
U.S
Dennis Beresford
The
Financial Accounting Standards Board
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Equifax
Global Crossing bankruptcy plan approved in New York
A federal judge approved Global Crossing reorganization plans lifting hopes the carrier can survive the large bankruptcy. The plan leaves investors with nothing while debtors gain pennies on the dollar and a minority stake in the re emerging firm. Regulatory approval for selling its network to Hutchison Whampoa and ST Telemedia is still required, possibly by mid 2003.
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