Tim and gang a little more on the Compaq issue!
Compaq Board of Directors Forms
Office of the Chief Executive Under
Leadership of Chairman Benjamin
Rosen; Eckhard Pfeiffer and Earl
Mason Resign as CEO and CFO
Business Wire - April 18, 1999 15:49
HOUSTON--(BUSINESS WIRE)--April 18, 1999--Compaq
Computer Corp. (NYSE:CPQ) announced today that its Board
of Directors formed an Office of the Chief Executive to oversee
the day-to-day running of the Company's operations, effective
immediately. Chairman Benjamin M. Rosen and directors and
vice chairmen Frank P. Doyle and Robert Ted Enloe, III, will
constitute the Office of the Chief Executive. Mr. Rosen will
serve as acting CEO and, together with Messrs. Doyle and
Enloe, will be actively involved at Houston headquarters in the
daily direction and operations of the Company pending the
selection of a new Chief Executive Officer to replace Eckhard
Pfeiffer, who today submitted his resignation.
"Compaq Computer's market strength and the fundamental
correctness of its strategic direction are as clear to me today as
at any time in the Company's great history," said Mr. Rosen.
"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. We have re-energized this
company before, and working together, we will do it again. We
will prove to every customer that this is the best company to
serve their information technology needs. And we will confirm
to our investors that Compaq remains a core holding in any
portfolio.
"Eckhard Pfeiffer oversaw a period of stunning growth in
Compaq's history," said Rosen. "All those who benefited from
that growth owe him a debt of gratitude."
Mr. Pfeiffer said, "Compaq has come a long way since I joined
the company in 1983. We are a world leader in personal
computing, enterprise computing and Internet applications.
Under Ben's guidance, I know this company will realize its
potential, transforming the industry yet again. I am thankful to
all employees at Compaq for their support and the chance to
work with them."
Mr. Rosen added, "As a Company engaged in transforming its
industry for the Internet era, we must have the organizational
flexibility necessary to move at Internet speed, well ahead of
the market at any moment. We must also remain intimately
connected to our markets and customers. We have done it
before. We will do it again.
"The Board is committed to move quickly to select the right
Chief Executive Officer to lead the next era of Compaq's
growth and development. In the interim, we will move
decisively to take those actions that are indicated."
The Company also said Earl Mason, Senior Vice President and
Chief Financial Officer, has submitted his resignation effective
immediately and has indicated that he will become Chief
Executive Officer of a company in an unrelated industry. Ben
Wells, the Company's Treasurer, has been named acting CFO.
The Company has engaged executive search firms to
commence immediately searches for a Chief Executive Officer
and Chief Financial Officer.
Benjamin M. Rosen is Chairman of the Board of Compaq
Computer Corporation and one of its founders. He is a
founding director of Capstone Turbine Corp., a director of Ask
Jeeves, and also a founding partner of Sevin Rosen Funds, the
multihundred-million-dollar venture capital firm that has
provided initial venture financing for Compaq, Lotus, Ciena,
Citrix, Cypress Semiconductor, Capstone Turbine and more
than 100 other technology companies. Mr. Rosen is Vice
Chairman of the Board of Trustees of the California Institute of
Technology and a member of the Board of Overseers and
Managers of Memorial Sloan-Kettering Cancer Center.
Frank P. Doyle retired in 1995 as an Executive Vice President
of General Electric Company. Mr. Doyle had been an
Executive Vice President of GE and a member of its corporate
executive office since 1992. He served as a director of Digital
Equipment Corporation from 1995 until he joined the Compaq
Board in June 1998.
Robert Ted Enloe, III has served as managing partner of
Balquita Partners, Ltd., a real estate and securities investment
partnership, since 1996. From 1975 to 1996 he served as
President, and from 1992 to 1996 as Chief Executive Officer,
of Liberte Investors.
Compaq Background
Compaq Computer Corporation, a Fortune Global 100
company, is the second-largest computer company in the world
and the largest global supplier of computer systems. Compaq
develops and markets hardware, software, solutions, and
services, including industry-leading enterprise computing
solutions, fault-tolerant business-critical solutions, enterprise
and network storage solutions, commercial desktop and
portable products and consumer PCs. The Company is an
industry leader in environmentally friendly programs and
business practices.
Compaq products are sold and supported in more than 100
countries through a network of authorized Compaq marketing
partners. Customer support and information about Compaq and
its products are available at compaq.com.
Compaq, Registered U.S. Patent and Trademark Office.
Product names mentioned herein may be trademarks and/or
registered trademarks of their respective companies.
For further information, media may contact:
Compaq Computer Corporation Jim Finlaw, 281-514-6137,
jim.finlaw@compaq.com
Compaq Computer Corporation Alan Hodel, 281-518-8932,
alan.hodel@compaq.com
Investor Relations Contact: 281-514-9549 OR 800-433-2391
investor.relations@compaq.com |
