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Former Compaq CEO Pfeiffer to Back, Not Run,
Internet Ventures
11/13/99 7:18:00 AM
Source: Bloomberg News
Houston, Nov. 13 (Bloomberg) -- Compaq Computer Corp. former Chief
Executive Eckhard Pfeiffer says he's content to invest in new Internet
ventures and has no plans to return to the corporate ranks.
Pfeiffer, 58, serves as nonexecutive chairman of Intershop
Communications AG, a German software company, and ricardo.de AG,
an Internet-auction concern. He also has invested in GiftEmporia.com, a
Houston-based Internet company that provides electronic-commerce
services for upscale retailers nationwide.
''I've made investments in a number of
these companies,'' Pfeiffer said in a
telephone interview from his home in
Houston.
Compaq Chairman Ben Rosen ousted
Pfeiffer in April after a series of missteps,
including a shortfall in first-quarter profit,
failure to develop a plan for competing with
rival Dell Computer Corp. and concerns
that Compaq hadn't provided enough
warning about its financial plight. Pfeiffer
received $9.81 million in severance pay
plus options for Compaq stock.
Pfeiffer, who's also a director of General Motors Corp., Hughes
Electronics Corp. and Bell Atlantic Corp., says he plans to keep investing
and serving on corporate boards.
''I've considered it very carefully, and I've decided I want to be more
broadly involved,'' he said.
''This is all about the Internet when you think about it,'' he said. ''Every
board meeting is centered around the Internet strategy.''
Pfeiffer said he consulted with GiftEmporia founder Nancy Huang for
several months about setting up the Internet-retail service, which is aimed
at upscale stores with one or two locations that don't have the time or
expertise to build their own Web sites. Former U.S. President George
Bush, who lives in Houston, also is an investor.
GiftEmporia unveiled its Web site earlier this week with about 10
retailers. Huang wants to have 300 retail members by next year, selling
goods such as antique furniture, custom boots, jewelry and fashions. |
