New Compaq Chairman

Compaq Computer Corp., the world’s No. 1 personal computer maker, said that it named its president and chief executive, Michael Capellas, to the additional post of chairman, replacing Benjamin Rosen. Capellas, 46, has been president and CEO since July 1999, and is credited on Wall Street with a turnaround-in-progress as the company tries to rev sales and gear itself for the Web. He succeeds Rosen, 67, who is retiring from the board after 18 years. He was named chairman emeritus. Rosen was an initial backer of Dallas-based Compaq. The announcement came after the close of trade. Compaq closed at $30.67 in regular New York Stock Exchange trading, but fell to $28.25 in after-hours trading, down 90 cents from Wednesday, in the wake of rival Apple Computer’s sales warning. [See related story, C1]