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With WorldCom's CEO Gone, Qwest's Nacchio Is Under A Microscope Long-Term Debt's A Burden Shares of both firms have plunged during downturn that shook telecom industry.(INTERNET & TECHNOLOGY)
Byline: REINHARDT KRAUSE
WorldCom Inc.'s Bernie Ebbers is gone. Will Joe Nacchio, chief executive of Qwest Communications Inc., be next?
Ebbers resigned as WorldCom's CEO Monday. Federal regulators are probing the accounting and business practices, including a $340 million loan to Ebbers, of the No. 2 long-distance phone company in terms of revenue.
WorldCom's stock, like Qwest's, has plunged. Both firms are mired in long-term debt.
Nacchio's strategy, like Ebbers', has come under fire amid a sharp downturn in the telecommunications industry.
Qwest said Tuesday its first-quarter loss widened to $698 million, or 42 cents a share, from $46 million, or 3 cents a share, a year earlier.
While Qwest's situation is similar to WorldCom's in many respects, its CEO may have more time to engineer a turnaround, observers say.
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