Capellas said that he intends to bring the company out of bankruptcy and dismissed speculation that he might attempt to sell it.
"I have no intention of breaking up the company and selling the parts. I would not have taken the job if I did not intend to take it out of bankruptcy," he said.
Capellas said that he liked a challenge, saying "I take the tough jobs; there's no question that challenge intrigues me."
Although WorldCom did not disclose how much Capellas would be paid for taking on the challenge, reports published in the Wall Street Journal this week cited an annual salary in the $1 million to $1.5 million range, with the same amount set aside for a yearly bonus and starting bonus.
The terms of Capellas' compensation are subject to court approval, which WorldCom expects to seek as early as today, it said.