Telecommunications company MCI has named five new members to its board of directors. The appointments will bring the number of board members to nine.
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All of the members of the previous board of MCI, still legally known as WorldCom, 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, a major investor in MCI; W Grant Gregory, formerly chairman at Touche Ross; former Bell Atlantic executive Judith Haberkorn; Patton Boggs partner Laurence Harris, and former US deputy attorney general Eric Holder.
The appointments will become effective on the day the Ashburn, Virginia, company formally emerges from Chapter 11 protection, after which the first action of the board will be to appoint a new chairman.
On 8 September the US 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's existing board members are: Michael Capellas, MCI's chairman and chief executive officer, who will relinquish the title of chairman under the new board structure; former Financial Accounting Standards Board chairman Dennis Beresford, former US attorney general and undersecretary of state Nicholas Katzenbach, and former Equifax chairman and CEO CB "Jack" Rogers.
Laura Rohde writes for IDG News Service