Compaq Message Board - Msg: 9015229

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Technology Stocks : Compaq

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To: Racso who wrote (58804)	4/19/1999 6:13:00 PM
From: Walcalla	Read Replies (1) of 97611

from the advisor.com (sorry if posted already) On Sunday, the CEO and CFO announced their resignations. According to well placed industry sources, the resignation of the CEO was a complete surprise and was the result of a call to the Board of Directors to inform them that the pre-announcement of earnings issued only 9 days ago - was wrong. The CFO, which had previously informed the Board he was leaving, was not actively involved in Compaq's operations for the past several weeks. When informed that the CFO was going to leave, the Board had asked Eckhard Pfeiffer, the CEO if someone was watching the ship and he indicated he was in charge and that there no problems that were not previously reported. The final accounting procedures at Compaq resulted in additional inventory reserves and reversals of sales previously thought valid. That resulted in the phone call to the Board. The Board felt lied to and demanded that new leadership be brought in. We are working on additional details and will post to our web site the-adviser.com when we can gain additional confirmations.

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