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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: tradermike_1999 who started this subject	11/11/2002 2:27:05 PM
From: calgal	Read Replies (1) of 74559

11/11/2002 - Updated 10:40 AM ET URL:http://www.usatoday.com/tech/techinvestor/2002-11-11-capellas_x.htm Capellas quits H-P, reportedly is top WorldCom candidate NEW YORK (AP) — Michael Capellas quit Monday as the No. 2 executive at Hewlett-Packard (HPQ), just hours after a newspaper reported he is a leading candidate to take over troubled WorldCom. Capellas, who came to H-P as part of its $19 billion acquisition of Compaq Computer in May, is leaving the Palo Alto, Calif.-based company to "pursue other career opportunities," according to an H-P statement. In the statement, H-P Chief Executive Carly Fiorina said the merger integration had "reached a natural transition point" and added that she supported his decision. "I'm comfortable making this move because of the progress of the integration, H-P's market momentum and the strength of the management team," Capellas said in the statement. "I have tremendous respect for Carly and her leadership. I could not be more proud of our accomplishments and I have every confidence in the future success of the company." An H-P spokeswoman did not immediately return calls seeking comment. The Wall Street Journal reported Monday that Capellas, who had been Compaq's CEO before becoming Hewlett-Packard's president, had become the front-runner to succeed WorldCom CEO John Sidgmore. The Journal also said other executives are still being considered by WorldCom's search committee, including XO Communications' Chairman and CEO Dan Akerson and BellSouth Vice Chairman Gary Forsee. Copyright 2002 The Associated Press. All rights reserved.

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