AT&T's Walter quits after boardroom rebuff

Article Abstract:

AT&T President John R. Walter has resigned his position after being informed by the board that he would not succeed Robert Allen as CEO when he retired on Jan 1, 1998. Walter was promised the position when he was hired in Nov of 1996. Many in the industry have doubted Walter's ability to run AT&T based on his lack of experience in the telecommunications industry. The board stated its reason for not giving Walter's the position is that he lacked the intelligence needed to lead the company. Others in the industry believe an even larger reason for his ousting was the fact that he did not get along with Allen, AT&T's chairman of nine years. Allen is said to have begun gradually taking away Walter's responsibilities. Walter is the second AT&T president to quit within a year. His resignation follows Alex Mandl leave taking in the summer of 1996.

Officials and employees, Human resource management, AT&T Corp., T, Appointments, resignations and dismissals, Company personnel management, Company executive, Computer executives, Walter, John R.

---

MCI widens local-market loss estimate

Article Abstract:

MCI Communications is projecting its losses for entering the local-phone market during 1997 will be $800 million, more than twice what the company had originally expected to lose. The company has called for stronger regulatory action by the government to diminish the advantages enjoyed by the regional companies in the local-phone market. MCI has invested well over $1 billion in local networks. The company is hoping that its purchase by British Telecommunications (BT) will help it compete with the Bells. The FCC has ordered the Bells to set up support systems that will allow competitors to use their local networks. The systems were to be in place by Jan 1, 1997 but by Jul 10,1997 not a single Bell had met the requirements, prompting MCI to claim the Bells were dragging their feet.

Finance, Company sales and earnings, Company losses, Local telephone services, MCI Communications Corp., MCIC, Local telephone service

---

Similar abstracts:

• Abstracts: AT&T sets alliance to make gear to provide multimedia services. AT&T wins huge computer contract from the Department of Transportation
• Abstracts: IBM is seeking to force ouster of Lotus board; move puts intense pressure on the software maker to negotiate sale pact
• Abstracts: IBM's Gerstner, in public debut, vows to cut more and emphasize services. IBM panel searching for next CEO also will review corporate structure
• Abstracts: AT&T and rivals boost rates further; move arms critics who say long-distance market needs more competition. Spectrum stock drops as AT&T discusses pact
• Abstracts: AT&T is shopping for firms involved in advanced communications services. part 2 Sprint may sell or spin off burgeoning cellular line; move would be gamble, with firm emphasizing new wireless services

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.