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The Worst CEOs in the Telecom Industry
By siliconindia
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Fremont: What Steve Jobs did for Apple and Bill Gates did for Microsoft stands as testament to what a great CEO can do to a company. On the other hand he can screw it up also, let us take a look at some of the worst CEOs the world has ever seen and find out how bad they can be.
Bernie Ebbers
On any list of worst CEOs, Ebbers would come in the first five. He is the man behind the WorldCom fraud, without doubt one of the darkest and most infamous episodes in the U.S. corporate history. As the Co-Founder and CEO of the U.S. telecom giant WorldCom, he orchestrated an $11 billion dollar fraud that eventually led the company to file Chapter 11 bankruptcy protection in 2002. The downturn that the telecom industry went through during the 2000s had a major toll on the aggressive growth strategy of the company and Ebbers' withdrawal of around $400 million from the company to cover the margin calls he had in his other businesses did not help either. The company was on a downward spiral but decided not to let the stakeholders know this. By deploying fraudulent accounting methods he and his chorus managed to convince the shareholders of a financial growth that was nonexistent. Regardless of his brilliant plans and not guilty speeches he was found guilty by the court of law and was sentenced to 25 years in prison.
