Capellas signs on as WorldCom CEO

Michael Capellas, who resigned as president of Hewlett-Packard on Monday, has been confirmed as the new chairman and chief...

Michael Capellas, who resigned as president of Hewlett-Packard on Monday, has been confirmed as the new chairman and chief executive officer of WorldCom, the bankrupt US telecoms giant.

WorldCom, which carries almost half of the world's Internet traffic, is saddled with $40bn (£25.4bn) in debts and became the largest bankruptcy in US history after it filed for Chapter 11 bankruptcy protection following the discovery of a hole in its accounts.

Capellas, the chief executive of Compaq before it merged with HP last year, 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.

"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."

The US government this week said it would renew a major voice, data, wireless, video and Web hosting contract with the troubled telco.

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