Link: WorldCom special report
In a statement, Capellas said: ‘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.
‘Together we will rebuild WorldCom into a model of good corporate governance and management integrity. Today we are launching a new company, one that will reclaim the strengths of its past and focus on a promising future.’
The head of WorldCom’s creditor committee said: ‘We are optimistic that the skills he brings will add significant value to the company and its customers.’
Terms of Capellas’s compensation are subject to court approval, which the company expects to seek as early as today.
Capellas quit HP less than six months after the high-profile merger of HP and Compaq. He will not be replaced, and executives who reported to him now report directly to HP chairman and chief executive officer, Carly Fiorina.
Diary of a Somebody: Capellas’s rise to the top
1976-81 Began his career at Republic Steel Corporation, where he held various systems analyst and manufacturingpositions.
1981-96 Held several senior positions at Schlumberger Ltd., including director for information systems, controller, andtreasurer of Schlumberger’s operations in Asia Pacific.
1996-97 Director of supply-chain management at SAP America. While there Capellas spearheaded a $1bn SAPimplementation project at General Motors-owned Delphi Automotive Systems.
1997-98 Served as Oracle’s senior vice president and general manager for global energy.
1998-02 Joined Compaq as chief information officer before rising to the position of chairman and chief executive officer.He also served as chief operating officer.
May 02-Nov 02 Appointed as president following the merger of HP and Compaq.
Nov 02 Takes helm at ravaged telecoms firm WorldCom.
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