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WorldCom Implements Program To Restore Confidence, Rebuild Integrity and Business Practices
Monday, November 4, 2002
WorldCom

"We are creating two new operational CFO positions: one for the company's Asia-Pacific business and one for our European business, each with dotted line authority to the WorldCom, Inc. CFO. We have changed auditors, created a special investigative committee of the Board and are working with both internal and external groups to identify any additional problems of the past and come up with solutions to those problems."

CLINTON, Miss.
WorldCom, Inc. (WCOEQ) today announced that it has taken a series of actions designed to restore confidence in the company and rebuild its integrity and business practices.

"Information received from both internal and external investigations has raised issues and illuminated facts about the company's internal controls, integrity, disclosures and financial statements. We take these reports very seriously and, accordingly, the company has already taken forceful steps to strengthen and stabilize its corporate governance, management and internal controls. WorldCom's management and Board are determined to ensure that what happened here in the past cannot recur," said John Sidgmore, WorldCom president and chief executive officer.

Mr. Sidgmore said that the preliminary report from WorldCom's court-appointed examiner, Richard Thornburgh, was filed with the U.S. Bankruptcy Court today.

"We are working to create a new WorldCom," he said. "We have developed and implemented new systems, policies and procedures. We have reorganized our finance and accounting functions and have implemented, or are implementing, other organizational changes intended to help correct the company's past problems, pre-empt their reoccurrence and create a system that will permit its newly-appointed independent auditors to complete their review of the financial statements for the years 2000, 2001 and 2002."
(More: WorldCom.com News Source)
2002 © WorldCom, Inc.

Dan