The Telegraph
Since 1st March, 1999
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Capellas to leave H-P, may join WorldCom

Palo Alto, Nov. 11 (Agencies): Hewlett-Packard on Monday said that former Compaq Computer leader and H-P president Michael Capellas will leave the company to pursue other career opportunities.

Newspapers, including the Wall Street Journal, on Monday reported that Capellas is a top candidate to take over the chief executive officerís job at WorldCom Inc., which is currently in the midst of bankruptcy proceedings.

The company didnít say if Capellas was headed for WorldCom. Hewlett-Packard and WorldCom werenít immediately available for comment.

The presidentís spot will not be replaced, H-P said.

H-P bought Compaq in May after an extended and often messy shareholder battle. Capellas had been the chief executive officer of Compaq.

ďIím comfortable making this move because of the progress of the integration, H-Pís market momentum and the strength of the management team,Ē Capellas said in a statement.

WorldCom revision

WorldCom expects to expand its financial restatements significantly, even beyond the $ 9 billion in fraudulent results the company has already disclosed, senior WorldCom executives said in an interview late last week.

The further restatements, which the executives declined to estimate in value, would come as part of the companyís continuing talks to settle fraud charges by the Securities and Exchange Commission.

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