Feeds

Capellas vows to clean up WorldCom

Random redundo pay-offs a thing of the past

  • alert
  • submit to reddit

Boost IT visibility and business value

Who says Alphacide doesn't pay? Mike 'Don' Capellas, former CEO of Compaq and chairman of Hewlett Packard was freshly installed at disgraced random billing specialist WorldCom today.

WorldCom disclosed that it had mis-stated earnings by $3.4 billion in June, although the figure is now nearer $9 billion. The former CEO Bernie Ebbers negotiated himself a $1.5 million annual bonus for life, and over $340 million in loans from the company.

But now there's a new broom. Capellas vowed to uphold an "unwavering commitment to the highest possible standards of integrity," and zero tolerance for miscreants.

He'll be paid $1 million a year for upholding the highest ethical standards, and the two top jobs at WorldCom: Chairman and CEO. Capellas helped himself to a $14.5 million parachute when he re-negotiated an exit pay-off last December that gave him a bonus for bailing out early.

In his short time at the merged HP, Capellas proved himself so indispensible that Carly Fiorina has decided not to replace him.

According to the New York Times, Microsoft offered to make Capellas No.3, adopting the title of President and COO. ®

Related Story

Don Capellas leaves HP
You have no idea the evil we do' - MCI insiders break their silence

The Power of One Brief: Top reasons to choose HP BladeSystem

More from The Register

next story
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Securing Web Applications Made Simple and Scalable
Learn how automated security testing can provide a simple and scalable way to protect your web applications.