Michael Capellas Has Moved Damned Fast since taking over the scandal-scarred, left-for-dead remains of the former WorldCom less than a year ago. He has killed the old name and readopted MCI, pushed through a bankruptcy plan that will wipe out all but $5.5 billion of what had been $41 billion in debt and agreed to pay $750 million to settle civil fraud charges. He also has replaced the entire 11 -member board, half a dozen senior executives and a hundred accounting people on duty when WorldCom ginned up $11 billion in false profits. And Capellas has set up a $200 million autopsy by 600 outside consultants, who are studying how it all happened―and putting in safeguards to ensure it can't happen again. Impressed, a federal judge in July rhapsodized that he had never seen a large company "so rapidly and so completely divorce itself from the misdeeds of the immediate past" and take "such extraordinary steps to prevent" a relapse.
展开▼
