New CEO found for Compaq

Updated: Top job at great Satan of hardware goes to Hellman

Compaq is expected to announce next week that it has found someone to replace Eckhard Pfeiffer. The new CEO of the world's largest PC manufacturer is believed to be Peter Hellman – an industry outsider. Hellman, the former president and COO of TRW, the system integrator, is expected to be named leader of the Houston giant to coincide with its second-quarter results on 28 July. David Faber, a reporter on financial TV network CNBC, said yesterday: "Compaq has apparently decided its next CEO will be Peter Hellman." "Sources close to the search process tell me the…PC maker will give Hellman…the vacant CEO job," he added. Faber also mentioned an article which appeared in the Houston Chronicle on July 14 about a meeting between Hellman and Compaq. The Houston paper said Hellman was a "likely" candidate for the job. Hellman quit TRW in February during a top-level shake-up. Compaq will be following its rival Hewlett-Packard by appointing an outsider as CEO. Earlier this week, HP named ex-Lucent exec Carleton Fiorina as its new president and CEO. A Houston-based Compaq representative contacted The Register and issued the following statement: "Compaq has not discussed any timetable and we will not comment on speculation about possible candidates or when a new CEO might be named." ®

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