What ever happened to... DEC?

[Aron Insinga <ainsinga@infomation.com>]

...
  Palmer to leave Digital 

  CEO departing computer maker in
  merger-related management shakeup 

  June 10, 1998: 8:27 a.m. ET

  NEW YORK (CNNfn) - Robert Palmer, the chief
  operating officer of Digital Equipment Corp.,
  will leave the company as a result of its
  pending merger with Compaq Computer Corp.,
  CNNfn has learned. 

  The $9.6 billion merger between the two
  computer companies, first announced in January,
  is all but finalized. A Digital shareholders
  meeting to vote on the deal is scheduled for
  June 11.

  As a consequence of the merger, a new top
  management team will be installed, according
  to sources. It will include Compaq's Eckhard
  Pfeiffer as chairman and CEO, along with
  Digital's Enrico Pesatori and Compaq's John
  Rose as upper-rung managers. Compaq's Earl
  Mason likely will remain as chief financial
  officer of the combined company.

  Compaq said its new management structure will
  be officially announced Friday. Under terms of
  the merger agreement, Digital shareholders will
  get $30 cash and 0.945 share of Compaq stock for
  each Digital share. The merger will result in
  restructuring charges for the combined entity of
  $1.5 billion to $2 billion, according to proxy
  materials filed with the Securities and Exchange
  Commission. About 15,000 jobs are expected to be
  cut as a result of the merger.

  According to the proxy statement, Palmer will
  be entitled to a cash severance payment of
  $6.45 million for leaving the company.
  Palmer, 57, became president, chief executive
  officer and a member of the board of directors
  of Digital in 1992. He was elected chairman in
  May 1995. 

  Prior to joining Digital in 1985, Palmer
  served as executive vice president of
  semiconductor operations at United
  Technologies Corp.

  Digital stock (DEC) climbed 15/16 to 57-3/4
  Tuesday. Compaq shares (CPQ) rose 1 to
  29-3/4.