Scott Sullivan's Steps to Success
1983 Summa cum laude graduate,
Oswego State University, business administration and accounting
major
1983 Accountant, then manager
at KPMG, Albany, one of six major accounting firms that offered him a
position
1989 CFO of Telus
Communications, Florida's largest privately held long-distance
company
1990 Vice president and
treasurer of ATC Long Distance
1994 CFO of
WorldCom
1995 Board of Directors,
WorldCom
1996 Oswego College Foundation
Board of Directors
1998 Engineer of MCI WorldCom
merger; winner of CFO Excellence Award for mergers and
acquisitions |
1983 Alumnus Renowned for
Agressive and Astute Leadership in Telecommunications
Industry
Create the vision,
identify the synergies, propose the deal, and execute on the savings in
the dynamic world of telecommunications, that is the process that launched
some of history's heftiest corporate mergers and acquisitions in the past
two years. At the helm of the industry's biggest acquisition to date is
Scott Sullivan, a 1983 graduate of Oswego State's School of Business and
now the chief financial officer of MCI WorldCom, a global giant in
long-distance and local telephone and Internet service.
When Scott takes stock of
his career success, he always comes back to his undergraduate days. "The
great thing about Oswego is that it prepared me for the world of business.
I had job offers from six of the 'Big Eight' accounting firms when I came
out of school." Fresh out of Oswego, Sullivan signed with KPMG, Albany,
where he made manager in a record four years and handled major clients,
including General Electric Company. At this point, the young accountant
veered from what looked like a challenging and successful career path in
accounting and moved to the telecommunications field. He was CFO of Telus
Communications, Florida's largest privately held long-distance company,
then vice president and treasurer of ATC Long Distance, and then CFO of
WorldCom. Sullivan has
helped pilot WorldCom through a series of gigantic mergers over the past
five years. He is one of a handful of top executives at the aggressive
firm who help shape the boundaries and create the services of
telecommunications for the next generation. CEO Bernard Ebbers and Chief
Operations Officer John Sidgmore both credit Sullivan for making the MCI
acquisition a reality. And Charles Cannada, senior vice president for
corporate development, says, "At the time it was approved, the MCI
WorldCom merger was the largest merger in United States corporate history,
and it was personally managed by Scott Sullivan." The MCI merger was
valued at approximately $38 billion when it was announced.  It was
August 1997 when Sullivan was enroute to boarding a flight from Washington
to Jackson, Miss., that he was notified that British Telecom (BT) had
lowered its bid for MCI. "On the plane, I thought about BT's position for
making a lower bid and the marketing and cost advantages that favored
WorldCom to make a successful higher bid. I was convinced that we could
unseat BT as the incumbent acquiring company to a position where they
would not be able to bid against us." With both feet back on the ground,
Sullivan remained confident that WorldCom could complete the transaction
and still land substantial profits on the MCI deal. Salomon Smith Barney
investment bankers advised; industry experts contributed counsel, and
WorldCom employees threw their energies into the deal. Sullivan himself
worked nearly around the clock. In October 1997, WorldCom announced an
unsolicited offer directly to MCI's shareholders that eventually brought
MCI into its fold. "This was
a highly pro-competitive merger," says Sullivan. "What MCI WorldCom does
is put a stronger competitor out there in the market place against the
former monopoly." He adds, "We are the only major U. S. player in the
European market. We are raising the American flag in Europe: MCI WorldCom
is the third largest telecommunications company in the United Kingdom, the
second in Germany, and the third in France." The lightning speed that
moved that historic merger has hardly slowed for Sullivan as he has
engineered the integration of MCI into the WorldCom organization. Last
fall that integration included the largest corporate bond financing at
$6.1 billion and a $12 billion bank deal.
Sullivan is a modest man who
thrives on the challenge, excitement and energy of the CFO's life, and
spends his time on worldwide company matters instead of in the media
spotlight. Nonetheless, he is frequently mentioned in the national press.
The New York Times portrayed him as a young executive with a strong
corporate image, and CFO magazine selected him for its 1998 CFO Excellence
Award in the mergers and acquisitions category. Noting that WorldCom has
become the second largest telecommunications company in the world due to a
series of 17 bold mergers since 1994, CFO magazine writes, "The
behind-the-scenes architect of all these deals has been WorldCom CFO Scott
Sullivan, a 37-year-old whiz kid who learned the M&A game at General
Electric Co., where he audited potential deals in the 1980s." In December
1994, when Sullivan was elected to the CFO post at WorldCom, the company
just ranked in the Fortune 500. Today, the company is the 24th largest in
the world. Rounding out 1998
as a year of recognition for Sullivan, the SUNY Alumni Honor Roll, an
annual publication that focuses on a few exceptional graduates of the
state university system, listed him in its most recent issue. And,
returning to Oswego State last July for his fifteenth reunion, Sullivan
received the 1998 Anniversary Class Award for outstanding career
achievements and contributions to his alma mater and to society. At that
time, he said, "Never forget your beginnings. I wouldn't have the
recognition from CFO magazine or some of the other honors that have come
my way if it hadn't been for my alma mater." Reminiscing on campus,
Sullivan said he values the encouragement he received from Oswego
professors and the advice from Professor William Lundy to use his
accounting skills as a springboard to career success.
Lundy recalls Sullivan as a
straight "A" student who exhibited leadership skills and a "unique ability
to get along with others." "Even back in 1983, Scott had executive
presence and the tact and maturity that made him able to gain respect and
confidence from others," says Lundy. "The characteristic that
distinguished Scott was his communication prowessspeaking and writing
clearly and listening attentively, understandingly and responsively."
During Reunion '98, Sullivan
recalled some of the good times with friends in Cayuga Hall and Delta Mu
Delta, the business honorary. "Oswego was a launching site for me," he
said. "I focused on academics and set my goals to get ahead in the
business world. Oswego State made it possible for me to meet those goals."
Affirming his appreciation through action, Sullivan is a member of the
board of directors of the Oswego College Foundation and, for the second
consecutive year, the national chair of The Fund for Oswego. With
Sullivan's leadership, The Fund charted an increase of nine percent in
1997-98 and reached $1.3 million. "I sense a new level of excitement for
programs, campus renovations, and strong academic programs for current
students. I want to be part of the growth at my alma mater."
Sullivan and his wife,
Carla, make time to relax at the Boca Raton Resort Club, and when time
allows, Scott plays golf and joins colleagues on deep-sea fishing
expeditions. They also share their time and leadership skills with several
community service organizations and foundations, including the Children's
Museum of Boca Raton.
"Because of a busy schedule
that doesn't allow me to improve my golf game, I have been relegated to
spectator sports. In the past few years, Carla and I have enjoyed our time
in Florida at the Super Bowl, Orange Bowl, Stanley Cup and weekly Dolphin
football games. We have been fortunate to attend some high profile events,
such as the Olympics, the Final Four, and the Masters' Tournament in
Augusta." In a schedule that
seems to allocate more than the standard 24 hours a day to Scott Sullivan,
he says he loves what he is doing. "Every time there is another move,
another merger, I ask myself, 'How can you top this?' and every time,
there has been something new to come along to offer that challenge that
makes this life so interesting."
Without a pause, Sullivan
again mentions his alma mater: "I'm very grateful for the solid career
preparation I received at Oswego State." |