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Compaq's Rosen steps down

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From: Chairman, Ben Rosen
Sent: Thursday, September 28, 2000 5:27 PM
Subject: Retirement

To: Compaq Worldwide Team

For the past 18 years, including 17 as chairman, I have had the honor of serving on Compaq's Board of Directors. I have watched you create one of the true pioneers of the high technology industry and a major force in the global economy. Because of that history and the admiration I have for Compaq employees, I wanted to tell you myself that I am retiring from the
Board today. I am also delighted to report that the Board has unanimously elected Michael Capellas to succeed me as chairman.

I have worked with a lot of companies during the past three decades, but none has meant more to me than Compaq. I am retiring with a great deal of pride in what you have accomplished. My three months as acting chief executive officer last year gave me an even deeper appreciation for the vision, talent and determination of the Compaq team.

Michael is ideally suited to lead this company as chairman, president and CEO. He has proven his leadership during one of the most challenging periods in the company's history. He has articulated a compelling vision for the future of information technology and the leading role that Compaq will play. He has forged a management team focused on a common mission, outstanding execution and a clear commitment to sustainable growth and profitability. And he has demonstrated an unwavering commitment to customers, partners, shareholders and, most important, employees.

With more than a year of solid performance, it seemed appropriate to me that Michael should have the opportunity to serve as both chairman and CEO. He has the support of a solid, active and independent Board of Directors, which shares my personal belief in Michael's ability to lead this great company to new heights.

I have never been more confident of Compaq's future. You have the right strategy, outstanding products and services, and talented, fiercely dedicated people who will fight for Compaq's future - and win. I wish you all the very best.

Ben

The Register is the provisional wing of Compaq's human resources organisation

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