Embattled telecoms group WorldCom today announced that its CEO and president Bernie Ebbers had resigned from those posts, effective immediately.
John Sidgmore, WorldCom's previous vice chairman, is to replace Ebbers.
Ebbers' departure came in the wake of a steep decline in WorldCom shares and growing concerns about the future of the company.
WorldCom stock has lost 80% of its value since January amid concerns over its $30 billion debt burden and the future of its long-distance operations. Federal regulators are also looking into the firm's accounting practices.
