MCI appoints five new board members
As part of its efforts to emerge from bankruptcy and clean up its corporate image, telecommunication company MCI has named five new members to its board of directors.
The appointments, which will take effect when the company emerges from Chapter 11 protection, will bring the number of board members to nine. All of the members of the previous board of MCI (still legally known as WorldCom Inc.) resigned after the company admitted to accounting fraud and filed for bankruptcy court protection in July of 2002.
The new board members are David Matlin, chief executive of MatlinPatterson Global Advisers LLC, a major investor in MCI; W. Grant Gregory, formerly chairman at Touche Ross (a predecessor of Deloitte & Touche LLP); former Bell Atlantic Corp. (now Verizon Communications Inc.) executive Judith Haberkorn; Patton Boggs LLP partner Laurence Harris, and former U.S. Deputy Attorney General Eric Holder, the company said in a statement Friday.
he new board appointments will become effective on the day the Ashburn, Virginia, company formally emerges from Chapter 11 protection, after which the first act of the board will be to appoint a new chairman, MCI said. On Sept. 8 the U.S. Bankruptcy Court for the Southern District of New York is scheduled to begin a hearing on MCI's eligibility to be released from bankruptcy. Up to three additional board members are also expected to be appointed before the company is released from bankruptcy, MCI said.
The company's current board members are: Michael Capellas, MCI's current chairman and chief executive officer (CEO) who will relinquish the title of chairman under the new board structure; former Financial Accounting Standards Board Chairman Dennis Beresford, former U.S. Attorney General and Undersecretary of State Nicholas Katzenbach, and former Equifax Inc. Chairman and CEO C.B. "Jack" Rogers, MCI said.