COMPAQ, the computer giant, yesterday promoted Michael Capellas to the new post of acting chief operating officer. The move comes as Compaq searches for a chief executive to replace Eckhard Pfeiffer, ousted in April. Three other top executives have already left, and more departures are expected as Compaq struggles to cut costs, increase direct sales and complete its integration of Digital Equipment Corp, which it bought last year for almost $9bn.
Compaq shares, which have fallen almost 50 per cent since January, fell 25 cents to $22 13/16 in midday trading. Mr Capellas was previously senior vice-president and chief information officer at the company.