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"With the courts approval of Michael
Capellas as WorldCom's new Chairman and CEO, it is now
appropriate for each of us to stand down as directors and give him the opportunity to
continue the process we have started to put in place substantive reforms and best
governance practices," said the departing Board members.
At the hearing, U.S. District Court Judge Jed
S.
Rakoff complimented the existing WorldCom Board of Directors for making a series of
positive reforms to the Company's governance, and for mandating strong and consistent
cooperation with all government
investigations and the District Court's monitoring
process.
"I appreciate the Board's hard work over
the past months in laying the groundwork for good corporate governance going forward,
including the appointment of three new Board members," said Capellas.
"These actions show that WorldCom is absolutely committed to establishing the highest
standards of ethics and
integrity at all levels throughout the organization."
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