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To: Johnny Canuck who wrote (20547)	4/18/1999 5:47:00 PM
From: xcr600	Read Replies (1) \| Respond to of 67946

CPQ CFO and president quit unexpectedly. x dailynews.yahoo.com Sunday April 18 5:09 PM ET Compaq President, CFO Both Resign HOUSTON (AP) - Without notice and with little explanation, Compaq Computer Corp. (NYSE:CPQ - news) president and CEO Eckhard Pfeiffer resigned today along with the company's chief financial officer. The company's board formed an interim chief executive's office to handle day-to-day operations of the world's largest supplier of computer systems. Also resigning Sunday was Earl Mason, Compaq's chief financial officer. Compaq treasurer Ben Wells will take on Mason's duties at least on an interim basis. The company has been under tremendous pressure from stockholders since it stunned Wall Street on April 9 by announcing its first-quarter earnings would be half of what analysts expected. Compaq shares, which traded as high as $51.25 earlier this year, dropped 23 percent on April 12, the first day of trading after the announcement. Compaq closed Friday at $23.621/2 on the New York Stock Exchange. ''Compaq has the best team anywhere in the industry - we have the people necessary to make the right changes that will reinforce our industry leadership,'' chairman Benjamin M. Rosen said. ''We have re-energized this company before, and working together, we will do it again.'' The company said that Mason will take over a company ''in an unrelated industry.'' Pfeiffer did not disclose his immediate plans. ''Compaq has come a long way since I joined the company in 1983,'' Pfeiffer said. ''We are a world leader in personal computing, enterprise computing and Internet applications.'' Pfeiffer, who took over as CEO in October 1991, was a key reason why Compaq had taken over the top spot in terms of PC sales. Still, Compaq has struggled to assimilate fellow computer maker Digital Equipment, which it acquired last year. Compaq's announcement earlier this month stunned many analysts who thought the company's profits were on track. Officials said sales were $600 million lower than expected in the first quarter, in large part due to industrywide price-cutting. The company already has hired executive search firms to find permanent replacements for Pfeiffer and Mason. Earlier Stories Compaq Chairman, CFO Both Resign (April 18)