WorldCom CEO’s Pay Package Approved

WorldCom Inc.’s revised $50-million pay package for Chief Executive Michael Capellas was approved by two federal judges.

The pact withholds $6 million in restricted stock awards and gives court-appointed monitor Richard Breeden more say on the new CEO’s bonuses.

U.S. District Judge Jed Rakoff and U.S. Bankruptcy Judge Arthur Gonzalez endorsed the pact. Rakoff called the revised compensation package WorldCom offered Capellas “eminently reasonable.” Last week he criticized Capellas’ compensation agreement.