CHICAGO, May 1 -- Bernard Ebbers, WorldCom Inc.'s CEO, has resigned in the wake of investigations into $366 million in personal loans he received from the company.
Ebbers is succeeded by Vice Chairman John Sidgmore, who promised to draw up a new growth plan, cut the company's debt, and better communicate its message to employees, investors, Wall Street and the media.
"If we can refocus the company's strategy, make a few changes on the financial side, particularly ... over some period of time lowering our debt, we can then be free to search for a strategic growth plan that makes sense for everybody," he said at a press conference.