Pfeiffer's permanent replacement was Michael Capellas, who had been serving as Compaq's SVP and CIO for under a year. A couple months after Pfeiffer's ouster, Capellas was elevated to interim chief operating officer on June 2, 2000, and was soon appointed president and CEO. Capellas also assumed the title of chairman on September 28, 2000 when Rosen stepped down from the board of directors. At his retirement, Rosen proclaimed "These are great achievements—to create 65,000 jobs, $40 billion in sales and $40 billion in market value, all starting with a sketch and a dream".