WorldCom CEO ousted by the board

Bernard Ebbers, CEO of Worldcom, has resigned following intense pressure from fellow board members as the company's share price went into free fall.

Ebbers formally resigned on Monday having reached his decision to bail out on Friday, according to a report in the Wall Street Journal.

John Sidgmore, vice chairman at WorldCom and head of the company's internet division, will succeed Ebbers.

Sidgmore claimed directors have become increasingly worried over the past few weeks as share prices fell. The slump culminated on Monday in a 33 per cent share drop as Wall Street analysts questioned the company's ability to meet future debt repayments.

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