Compaq to pay Capellas $850,000

Compaq to pay Capellas $850,000

Compaq Computer's new president and CEO, Michael Capellas, will earn $US850,000 in annual base pay and receive a host of performance incentives, according to a quarterly report the company filed with the US Security and Exchange Commission (SEC) last week.

Capellas was officially appointed to the top position at the PC maker last month after effectively running the company in the wake of the April ousting of Eckhard Pfeiffer, Compaq's previous president and CEO.

In addition to his base pay, Compaq's newly minted boss will receive options for 1 million shares of Compaq stock, a $5 million loan to purchase shares, and 200,000 restricted shares which vest after five years.

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