Compaq yesterday named a new chief financial officer. The company hopes that the appointment will help it complete its turnaround in fortunes begun last April when the PC maker's top officers resigned following poorer-than-expected financial results.
Jesse Greene, former corporate senior vice president and director of business strategy and information technology at Eastman Kodak, has been named Compaq CFO, said Michael Capellas, Compaq president and CEO, said yesterday in a memo sent to company employees.
"This is one of our most strategic management positions, and we wanted an individual with a rare blend of experience and skills -- an individual who will develop and implement a financial strategy that supports our aggressive strategy for growth," Capellas said.
Last April, Eckhard Pfeiffer, Compaq's previous CEO, was ousted following lower-than-expected earnings results and was replaced by Capellas. The company's previous CFO, Earl Mason, resigned at the same time as Pfeiffer. Ben Wells, Compaq's treasurer and vice president of finance, has worked as acting CFO since Mason resigned and will now return to his previous position.
Compaq officials yesterday acknowledged the company's past problems, but said Greene will bring strong leadership to the company. "We've acknowledged that we have had some rough patches, but clearly Compaq has the right strategy to enhance growth," said Alan Hodel, a Compaq spokesman.