Compaq's predicted earnings shortfall has claimed its first victom: CEO Eckhard Pfeiffer has resigned.

The move comes just 10 days after the Houston-based computer maker first warned of lower-than-expected profits.

In a statement, Compaq's board of directors said it formed an Office of the Chief Executive to oversee the day-to-day running of operations, effective immediately.

Benjamin M. Rosen, who has served as chairman since he co-founded the company in 1982, will serve as acting CEO pending the selection of a new CEO to replace Pfeiffer.

Pfieffer had been at Compaq since 1983.

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