Elwood,
If you buy CPQ now you can say "Ka-Ching" for the next 5 years. This is a bottom if I ever saw one. Bounced off 52 week support nicely. Will wait for follow through to 26 to be sure. I am a bull on this one a perma variety til proven otherwise.
FOCUS-Compaq beefs up exec team to staunch exodus
June 2, 1999 12:16 PM
(adds new paragraphs 6-7, 9-11)
HOUSTON, June 2 (Reuters) - In a bid to stabilize its top management ranks amid continuing defections, Compaq Computer Corp. CPQ on Wednesday said it had elevated two executives to more senior positions after the manager of a key business unit resigned.
The moves followed the resignation of John Rose, head of the Enterprise Computing Group, the Compaq unit that builds powerful computers used to run major business operations. His departure was the latest in a stream of recent executive resignations.
To fill Rose's spot, Compaq said it had named Enrico Pesatori as senior vice president and group general manager of the Enterprise Computing Group, effective June 3.
Compaq, the world's No. 4 computer maker in terms of revenues, also said it had named Michael Capellas to the new post of acting chief operating officer (COO), beefing up the top executive ranks. The company is now headed by a temporary office of the chief executive composed of three board members.
"Creating this new COO position is an important step in realigning Compaq's organization to speed decision-making and improve execution," said Ben Rosen, chairman and acting chief executive.
The departure of Rose as head of the Enterprise Computing Group comes amid a continuing search for a new chief executive and chief financial officer after Chief Executive Eckhard Pfeiffer and finance chief Earl Mason were forced out in April.
After the departure of Pfeiffer and Mason, a management exodus ensued. Michael Heil, Compaq's sales chief, and John Rando, the head of Compaq's services group, another key business unit, resigned in May.
Capellas was previously senior vice president and chief information officer overseeing worldwide management information systems activities.
"My task going forward is to ensure that our strengths, strategy and execution mesh to our customers' maximum benefit," Capellas said.
Capellas joined Compaq last August after serving as senior vice president and general manager of Oracle Corp.'s ORCL global energy business. Previously, he spent 18 years with Schlumberger Ltd. SLB in a variety of management positions, including heading worldwide information services.
Compaq shares were unchanged in early-morning composite trading on U.S. stock markets.
((--Eric Auchard, New York newsdesk, 212-859-1840)) REUTERS
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