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April 22, 2005
Capellas a Big Winner
Capellas, 50, became CEO of the struggling WorldCom in 2002, the same year it filed for bankruptcy-court protection in the shadow of expansive accounting fraud. His contract said that when he led the company out of bankruptcy, he was entitled to $12 million in restricted stock and an additional $6 million if the board found his service “exemplary.”
The board also granted the former Compaq Computer president a $5 million bonus for implementing a business transformation plan, listing MCI’s common stock on the Nasdaq and stabilizing the company’s finances, among other accomplishments. His salary was $1.6 million.
MCI has agreed to be acquired by Verizon Communications Inc., which has been engaged in a bidding war with Qwest Communications International Inc. over MCI’s assets.
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Posted on April 22, 2005 01:24 PM by verizo413.
Filed in Phones under verizon.
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