MCI Inc.
22001 Loudoun County Pkwy.
Ashburn, Va. 20147
www.mci.com Year founded: 1963 Industry: Telecommunications Revenue: n/a Net Income/Loss: n/a Earnings per share: n/a Dividend: n/a Stockholder equity: n/a Auditor: KPMG LLP Stock: MCIP Assets: n/a Market capitalization: n/a 52-week high: n/a 52-week low: n/a President and CEO: Michael D. Capellas CFO: Robert T. Blakely Employees: 54862 Local employees: 4589 Description: MCI is the nation's second-largest long-distance phone company and a leading provider of wholesale Internet access. Developments: Last year was supposed to be the year WorldCom emerged from Chapter 11 bankruptcy protection, officially changed its name to MCI and began regaining the confidence of investors and customers after a massive accounting scandal. The company did not emerge from bankruptcy until April 20, 2004. The company had already been doing business under the MCI brand, but the name change became official when it formally completed the bankruptcy process. MCI resolved several legal matters during the year. It reached a $750 million settlement with the Securities and Exchange Commission and agreed to indefinite federal supervision of its business practices. MCI also agreed to move 1,600 jobs to Oklahoma to settle state fraud charges there. The federal General Services Administration is allowing MCI to bid for contracts after threatening to cut it off from the lucrative government deals. That's important for MCI, which counts the federal government as its single biggest customer. Meanwhile five former executives, including former chief financial officer Scott D. Sullivan, have pleaded guilty to fraud-related charges. The company's former chief executive, Bernard J. Ebbers, is scheduled to go on trial for securities fraud in November. Even as the company continues to slog through legal issues, the telecommunications market continues to flounder. Local telephone companies such as Verizon Communications and BellSouth are branching out into long distance and competing aggressively for business. In March 2004 MCI announced it would lay off another 4,000 workers. On the bright side, the company has stripped almost $35 billion in debt from its books through the bankruptcy process. MCI still has about $6 billion in debt on its balance sheet, down from about $40 billion when it filed for Chapter 11 protection from its creditors. Executive Compensation
President and COO: Richard R. Roscitt
Total Cash: $2,830,800.00
Total Compensation: $3,579,800.00 President and CEO: Michael D. Capellas
Total Cash: $3,000,000.00
Total Compensation: $3,060,400.00
© 2004 The Washington Post Company | |
|
