Capellas outlines WorldCom's next 100 days

WorldCom must approach the next 100 days with "an outrageous, outrageous sense of urgency" as it reorganises and puts into place...

WorldCom must approach the next 100 days with "an outrageous, outrageous sense of urgency" as it reorganises and puts into place a plan to emerge from bankruptcy, chairman and chief executive officer Michael Capellas told employees yesterday.

"Bad things have happened to us," Capellas said in an upbeat speech, which was webcast and carried via conference call.

Starting this week the company will announce new products, a new international rate structure and an extension of US local service, and will soon announce a major initiative aimed at small and medium-sized businesses.

WorldCom's cost-structure plan will be finished by 1 February and the compensation plan will be ready by 15 February, with a three-year business plan filed on 1 March. This will then be rolled into the reorganisation plan that will take the company out of the largest bankruptcy in US history. Major cost reductions will form part of that plan, Capellas warned.

Former Hewlett-Packard president Capellas took over at WorldCom in November. In July, WorldCom filed for Chapter 11 bankruptcy protection after a $9bn accounting scandal was revealed and top executives were indicted on federal charges.

The company must capitalise on the strength of its infrastructure and work on products that allow customisation of networks, as well as on content distribution, wireless/mobile service, data centres and voice portals, Capellas said.

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