Monday, November 18, 2002
If the unemployment rate is up, Michael D. Capellas doesn't know it.
The former chairman and CEO of Compaq Computer Corp. left his seat as president of the now merged Hewlett-Packard Co. on Monday and has wasted no time in finding a new position as chairman and CEO of courtroom-headliner WorldCom Inc.
"I took this job because I am convinced that WorldCom has the assets, the customers and the people to regain a leadership role in this industry," Capellas said in a statement. "In order to do this, we must first regain trust and win respect. Accordingly, together we will rebuild WorldCom into a model of good corporate governance and management integrity."
In its restructuring efforts, WorldCom has also added a new CFO and doubled its internal audit staff.
Terms of Capellas' compensation are subject to court approval, which the company expects to seek as early as today.
No details on Capellas' plan to pull the sinking company out of its telecom scandal quicksand were given.
By: DocMemory
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