Word: worldcom
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Dates: during 2000-2009
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...business in America. The state will provide the central hub of the NAFTA railway corridor, and its first-rate port facilities on three commercial waterways offers economical and efficient access to national and international markets. Mississippi's economic development is based on more than simply gambling and Worldcom. The University of Mississippi may be best remembered for the battle over James Meredith's admission in 1962, but it has since been the venue of the world's first human heart and lung transplants. The last Confederate stronghold at Vicksburg today houses the world's largest hydraulic research institute...
...scale--in which the current local networks were built with government subsidies and a guaranteed rate of return--the newcomers say they can't make the necessary investments until they have built up a critical mass of customers. Wayne Huyard, chief operating officer of MCI, which is part of WorldCom, currently enmeshed in bankruptcy proceedings, says the Bells' claims are "absolutely a scare tactic. We don't want to ride a competitor's networks any longer than necessary. But they realize that forcing a premature migration to our own networks will kill competition. It's classic monopolistic maneuvering...
Since HP's president, Michael Capellas, a respected operations manager and Compaq's last CEO, quit to run WorldCom in mid-November, Fiorina must now take full responsibility for HP's bottom line at a time when she must parry new threats from IBM and Dell. Both have spent the past year bulking up major parts of their businesses, while HP has been on a low-cal diet, trying to restore its flabby enterprises to health. As analyst Bill Shope of J.P. Morgan Chase puts it, "IBM is trying to squeeze HP at the upper end of the market, while...
Capellas, who says he went to WorldCom partly because "there's appeal to being a CEO," was not offered incentives to stick around at HP. In December 2001, Compaq's board amended his severance package so that if he resigned from the merged firm within a year, he would receive a lump-sum payment--worth a previously agreed-to $14 million--within 10 days of his departure. When he left, he also received $1.6 million as part of a loan-forgiveness plan. After the merger, his employment contract was not renegotiated to entice him to stay...
...inner workings, partly because the firm's reorganization had left him with little to do. Two other executives have largely directed day-to-day operations, says this source, while Capellas spent most of his time on the road, reassuring large clients. Capellas, however, says he was approached by WorldCom executives at a birthday party in October and that "at no point did I job search." With five division heads reporting to him, he says, he was very much responsible for directing the integration of the two companies. As for his severance package, Capellas says, "Changes were made...