WorldCom Hires CFO, Restructuring Executives

WorldCom AlixPartners LLC

Gregory Rayburn, a principle with AlixPartners, is now chief restructuring officer of WorldCom, and fellow AlixPartners principle, John Dubel, is CFO.

Dubel replaces Scott Sullivan, who was fired following the discovery that WorldCom hid $3.8 billion in expenses and inflated profits in 2001 and the first quarter of 2002.

Last week WorldCom filed Chapter 11 bankruptcy to protect it from accelerating creditor claims while the company attempts to restructure and renegotiate outstanding debt, said John Sidgmore, president and CEO of WorldCom, during a press conference last week.

Rayburn and Dubel are responsible for managing WorldCom's restructuring, including negotiations with existing and potential creditors, overseeing financial projections, evaluating credit proposals, communicating with shareholders and selling non-core assets.

WorldCom announced this Monday that it would turn over some 2 million wireless customers to AT&T Wireless Services, Verizon Wireless, Alltel and a fourth undisclosed service provider.

"Greg, John and their firm have demonstrated financial acumen and a reputation for building consensus and achieving results," said Sidgmore in a statement. "They are skilled at addressing complex problems and opportunities in a changing marketplace, while operating with the highest ethical standards."

Rayburn and Dubel report directly to Sidgmore.