Compaq President, CFO Both Resign
HOUSTON (AP) _ Without notice and with little explanation, Compaq Computer Corp. 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 $23.62 1/2.
``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.″