Go Muffy - over $1.00 first week in January!Mark Spagnolo takes over MFN on Monday, December 3, 2001Spagnolo has a deep knowledge of Internet services and technology management gained during his 25 years at leading Internet infrastructure and technology services companies. The combination of Internet business and management experience gives Spagnolo the skills necessary to lead SiteSmith toward its goal of becoming the leading provider of comprehensive Internet site operations services for companies ranging from small "dot-coms" to the largest international "brick and mortar" firms. Spagnolo Has A Proven Track RecordAs CEO of UUNET, Spagnolo was responsible for the company's annual $3.5 billion dollar revenue stream, 7,000 employees and a global network that links thousands of cities throughout North America, Europe and Asia Pacific providing services to more than 70,000 businesses worldwide. Prior to UUNET, Spagnolo had a 24-year career at Electronic Data Systems Corporation (EDS) in a variety of positions, including division vice president. He was integral in the development and execution of EDS' strategy to enter the wireless communications market. In 1997, Spagnolo joined WorldCom to lead UUNET technologies as its president and CEO. Spagnolo received a bachelor of science degree in Industrial Engineering at Newark College. "Mark is one of the most qualified executives in the Internet marketplace. He was responsible for running one of the largest global Internet backbones," said John Thompson, vice chairman of Heidrick & Struggles International, the executive search firm that placed Spagnolo. "His experience will add to the already high levels of confidence SiteSmith customers enjoy in outsourcing their Web operations to the company." Mark Spagnolo joined MFN following the Company's acquisition of SiteSmith, where he was Chief Executive Officer and Chairman of the Board. Mr. Spagnolo brings extensive operational experience and success in building global communications and outsourcing businesses to MFN, gained through his tenure as President and Chief Executive Officer of UUNet, a WorldCom company, and through his many years as a senior executive at EDS.I don't think we'll have any problems with the stock being under $1.00 anymore beginning next week.NEW YORK, October 10 2001--Metromedia Fiber Network, Inc. (MFN) (Nasdaq:MFNX), the leading provider of digital communications infrastructure solutions, announced the appointment of Randall R. Lay to the position of senior vice president and chief financial officer effective immediately. Mr. Lay's appointment comes on the heels of the Company's closing on a $611 million financing package. He will report to Mark Spagnolo, MFN president and chief operating officer. Mr. Lay replaces Jerry Benedetto who has been with MFN since 1998 and is leaving to pursue other options. Prior to joining MFN, Mr. Lay was executive vice president and chief financial officer of International Specialty Products where he led the financial organization of the global $800 million public company. During his tenure at International Specialty Products, Mr. Lay directed the restructuring of the financial and operating organization, coordinated the acquisition and integration of three businesses, and helped market the company to the financial community under difficult industry conditions. Mr. Lay was with International Specialty Products for eight years, starting as business unit controller. Preceding that position, he was the director of financial planning for the Otis Elevator Corporation, a subsidiary of United Technology Corporation. "Randy joins MFN at a very exciting time and we are very pleased to have him as part of our senior management team," said Mark Spagnolo, president and chief operating officer of MFN. "He brings with him a wealth of experience and leadership that will enable us to propel MFN to the next level."
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