slacker
Team HuskerBoard
Irregular News for 11.25.05
New York, NY -- Savvis Inc. said it has accepted the resignation of Chairman and Chief Executive Robert McCormick, who was accused of being two years late in paying $241,000 (140,000 pounds) of charges incurred at a Manhattan strip club.
The St. Louis-based telecommunications carrier said the resignation, which was effective Wednesday, followed completion by its audit committee of an internal probe into the matter.
American Express Co. sued McCormick and Savvis last month, accusing the executive of incurring the charges on his corporate credit card in a single visit to Scores, a trendy strip club, while entertaining a group of business associates.
The bulk of the charges were for tips given to lap dancers in a VIP room, a Scores spokesman has said.
Savvis on October 24 said it had put McCormick on unpaid leave.
An answering machine at what is believed to be McCormick's home in St. Louis was not accepting messages. McCormick's lawyer could not immediately be reached.
In a statement, Savvis said it was in the company's best interest to accept McCormick's resignation.
It also said Jack Finlayson, its chief operating officer, will continue to serve as acting chief executive.
Savvis said its internal probe confirmed that McCormick did not submit the charges in question to Savvis for reimbursement, and that Savvis has not made any payment to American Express.
Savvis shares rose 2 cents to 74 cents in Wednesday trading on the Nasdaq.
Full Story
New York, NY -- Savvis Inc. said it has accepted the resignation of Chairman and Chief Executive Robert McCormick, who was accused of being two years late in paying $241,000 (140,000 pounds) of charges incurred at a Manhattan strip club.
The St. Louis-based telecommunications carrier said the resignation, which was effective Wednesday, followed completion by its audit committee of an internal probe into the matter.
American Express Co. sued McCormick and Savvis last month, accusing the executive of incurring the charges on his corporate credit card in a single visit to Scores, a trendy strip club, while entertaining a group of business associates.
The bulk of the charges were for tips given to lap dancers in a VIP room, a Scores spokesman has said.
Savvis on October 24 said it had put McCormick on unpaid leave.
An answering machine at what is believed to be McCormick's home in St. Louis was not accepting messages. McCormick's lawyer could not immediately be reached.
In a statement, Savvis said it was in the company's best interest to accept McCormick's resignation.
It also said Jack Finlayson, its chief operating officer, will continue to serve as acting chief executive.
Savvis said its internal probe confirmed that McCormick did not submit the charges in question to Savvis for reimbursement, and that Savvis has not made any payment to American Express.
Savvis shares rose 2 cents to 74 cents in Wednesday trading on the Nasdaq.
Full Story