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WorldCom CEO Ebbers Resigns
Tuesday, April 30, 2002
(6:33:00 AM ET)
Reuters

The stock had fallen almost 61 percent since the company cut its growth outlook on April 19.

NEW YORK -- Reuters
WorldCom Inc. Chief Executive Bernard Ebbers has resigned under pressure from outside directors worried about the No. 2 U.S. long-distance telephone and data services company's slumping share price, the Wall Street Journal reported in its online edition on Tuesday.

Ebbers, 60, reached his decision Friday and formally turned in his resignation on Monday, the Journal reported.

John Sidgmore, 51, the company's vice chairman who ran its UUNet Internet unit for years, will succeed Ebbers, the Journal said.

WorldCom was mot immediately available to comment on a report which sent its battered shares higher, while the company's bonds went into reverse.
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2002 © Reuters, Ltd.

I’ve been to a couple of meetings with John Sidgmore and he comes across as an honorable sort. In my opinion, Bernie just got too greedy for the position and, at the moment, this looks like a good move.

Dan