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Worldcom new boy tucks in to 'total restructuring'

First day on the job and he's not hanging about...
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Written by Suzanna Kerridge on

First day on the job and he's not hanging about...

Worldcom's latest CEO has announced a widespread internal shake-up just one day after taking over the reins.

John Sidgmore told analysts during a conference call yesterday that he is considering a total restructuring of the company to get it back on its feet.

Bernard Ebbers, CEO of Worldcom until last Monday morning, resigned amid mounting pressure from shareholders and Wall Street as Worldcom stock plummeted and its debts soared.

An investigation by the Securities and Exchange commission into $366m worth of personal loans Ebbers received has also rocked the company.

Wall Street welcomed the news. On opening the stock rose six per cent, or 14 cents per share, to $2.49 and were the most active on Nasdaq.

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