[Print This] [Email This]

WorldCom President & CEO John Sidgmore's Letter
to U.S. President George W. Bush


June 27, 2002

The Honorable George W. Bush
The White House
Washington, D.C. 20036

Dear Mr. President:

Yesterday you rightly expressed outrage and concern about past accounting irregularities at WorldCom. I want you to know that we, the current management team, are equally surprised and outraged. That is why we immediately brought this matter to the attention of the SEC and the public. I am proud that our own people discovered these irregularities and had the courage and professionalism to act quickly.

In that spirit, this letter reaffirms our commitment to working with you and the appropriate agencies to investigate this serious matter, and to set an example by accepting responsibility and taking decisive action, including:

    · We have retained William McLucas, former Chief of the Enforcement Division of the Securities and Exchange Commission, to conduct a rigorous, independent investigation of these irregularities.

    · We have dismissed our chief financial officer and accepted the resignation of our controller. We will take further action as the investigation warrants.

    · We are in close consultation with our banks to secure additional lines of credit to preserve our ability to finance our debt.

    · We are selling our non-core businesses and taking other actions to raise more than $1 billion. We are also trimming $1 billion in expense by refocusing on our core businesses.

We are dedicated to preserving the value of our company and its long-term viability for our employees, our customers, lenders, suppliers and shareholders in the wake of our findings. We feel a tremendous sense of responsibility to these groups, and to the general public.

Seven weeks ago, as I assumed the position of CEO of WorldCom, Bert Roberts, our Chairman, and I pledged to restore trust in this great company. Never did we imagine it would be put to such a test. However, part of restoring trust means being straight about problems as we discover them -- and aggressively solving them. This is the only way we will rebuild our company’s credibility. You have our commitment that we will continue to do this.

Sincerely,

John Sidgmore
President and CEO

Bert Roberts
Chairman of the Board


Source: WorldCom Press Release, June 28, 2002.

Ads by FindLaw