📅 - The board of directors for telecommunications carrier MCI (mci.com) announced on Tuesday that it has elected Nicholas Katzenbach as its non-executive chairman. The appointment is effective immediately upon MCI's emergence from chapter 11 bankruptcy.
MCI said the newly created non-executive chairman role and its separation from the CEO position is part of the company's corporate governance reforms. As a result, current chairman and CEO Michael Capellas will relinquish his position as chairman, becoming MCI president and CEO. The changes are also effective immediately after the company successfully emerges from bankrtupcy. In July 2002, MCI, formerly known as Worldcom, filed the largest bankruptcy in history amid a massive accounting scandal. Emergence from bankruptcy protection has been pushed back from last fall and is expected to occur in late April. MCI recently requested a sixty-day extension on its previous February 28, 2004, deadline. "Nick has been an invaluable asset to our board and is the perfect choice to help guide MCI as chairman," said Capellas. "He not only brings the highest level of integrity and breadth of experience to the role, but he has a deep commitment to our customers, employees and the investment community." Katzenback, a member of the MCI board since July 2002, served as US attorney general under the Johnson administration and was senior vice president and general counsel at IBM for seventeen years (1969-1986).
Reads: 1549 | Category: General | Source: TheWHIR : Web Host Industry Reviews URL source: http://www.thewhir.com/marketwatch/mci031704.cfm
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📅 - The board of directors for telecommunications carrier MCI (mci.com) announced on Tuesday that it has elected Nicholas Katzenbach as its non-executive chairman. The appointment is effective immediately upon MCI's emergence from chapter 11 bankruptcy.
Reads: 1549 | Category: General | Source: TheWHIR : Web Host Industry Reviews