Several investors were specifically critical of the company's decision to pay Ebbers a $1.5 million annual pension for the rest of his life. Sidgmore defended the package as fair and not atypical of the industry.

Sidgmore, who said company executives would go on a major customer and investor tour in the next two to three weeks, said the details of the strategic plan would be finalized "some time in the next few weeks." The plan will include how many jobs are to be cut and identify what facilities, businesses or real estate to close or sell.

Sidgmore said he believes the company can cut as much as $1 billion of its capital spending budget, a level expected by many analysts. While he did not specify the number of jobs that will be cut, analysts expect it to be up to 16,000, or 20 percent of the work force.

Ex-CEO of WCOM gets $1.5 million for the rest of his life in pension payments + more layoffs.