compaq founders net worth

While Enterprise Computing, responsible for engineering and marketing of network servers, workstations and data-storage products, reportedly accounted for one third of Compaq's revenues and likely the largest part of its profits, it was responsible for the earnings shortfall in Q1 of 1999. [94][95] Walter Hewlett only reluctantly approved the merger, in his duty as a member of the board of directors, since the merger agreement "called for unanimous board approval in order to ensure the best possible shareholder reception". HP was still selling more PCs than any other vendor, shipping 14.9 million PCs in the second quarter of 2011 (17.5% of the market according to Gartner), while Dell and Lenovo were tied for second place, each with more than a 12% share of the market and shipments of over 10 million units. [42][58][59][65] Rosen suggested that the accelerating change brought about by the Internet had overtaken Compaq's management team, saying "As a company engaged in transforming its industry for the Internet era, we must have the organizational flexibility necessary to move at Internet speed." As of early. In contrast to Dell and Gateway 2000, Compaq hired veteran engineers with an average of 15 years experience, which lent credibility to Compaq's reputation of reliability among customers. Binny Bansal, co-founder Flipkart. 3 of 6 4 of 6 The PIE shop: Compaq traces its origin to a place mat in this Houston pie shop in 1982. Net Worth, Height, Weight, Jack Martin Net Worth | Weight, Height, Age, How Rich is Emi Wada? Jatt Caste List In Punjab, [108] Overall, it has been suggested that the purchase of Compaq was not a good move for HP, due to the narrow profit margins in the commoditized PC business, especially in light of IBM's 2004 announcement to sell its PC division to Lenovo. Elon Musk, of course, is the man behind Tesla and SpaceX and the. ET. [93] While Compaq shareholders unanimously approved the deal, there was a public proxy battle within HP as the deal was strongly opposed by numerous large HP shareholders, including the sons of the company founders, Walter Hewlett and David W. Packard, as well as the California Public Employees Retirement System (CalPERS) and the Ontario Teachers' Pension Plan. The company's stock had fallen 50 percent since its all-time high in January 1999. Senior Vice-president for North America Ross Cooley announced his resignation effective at the end of 1996. [27] Compaq computers remained the most compatible PC clones into 1984,[28] and maintained its reputation for compatibility for years,[29] even as clone BIOSes became available from Phoenix Technologies and other companies that also reverse engineered IBM's design, then sold their version to clone manufacturers. In 1981, when soon-to-be Compaq Computer Corp. co-founder Joseph R. "Rod" Canion sketched out a plan for a portable IBM-compatible PC clone on a napkin in a Houston pie shop, he knew he was onto . [48] Pfeiffer also introduced a new distribution strategy, to build PCs made-to-order which would eliminate the stockpile of computers in warehouses and cut the components inventory down to two weeks, with the supply chain from supplier to dealer linked by complex software. In 1998, he co-founded the company that eventually became PayPal. Second Compaq logo, used from 1993 to 2007. In return, NaviSite took Compaq as a preferred provider for its storage and Intel-based servers. [84], Capellas was able to restore some of the luster lost in the latter part of the Pfeiffer era and he repaired the relationship with Microsoft which had deteriorated under his predecessor's tenure. Thomas "Tom" Anderson is an American co-founder of the social networking website Myspace, which he founded in 2003 with Chris DeWolfe. Robert W. Stearns, SVP of Business Development, said "In [Pfeiffer's] quest for bigness, he lost an understanding of the customer and built what I call empty market share--large but not profitable", while Jim Moore, a technology strategy consultant with GeoPartners Research in Cambridge, Mass., says Pfeiffer "raced to scale without having economies of scale." Murto (SVP of sales) departed Compaq in 1987, while Canion (president and CEO) and Harris (SVP of engineering) left under a shakeup in 1991, which saw Eckhard Pfeiffer appointed president and CEO. The two price wars resulting from Compaq's actions ultimately drove numerous competitors from the market, such as Packard Bell and AST Research. In January 1998, Compaq was at its height. Mr. Murto, Joseph R. Canion and James Harris left Texas Instruments Inc. five years ago to found Compaq and have seen it grow into a leading personal computer company with 1986 sales of $625. the folks at IBM didn't trust the 386. Why should you be constrained to use the software that comes with a piece of hardware? Furthermore, Compaq fell behind schedule in integrating Digital's operations, which also distracted the company from its strength in low-end PCs where it used to lead the market in rolling out next-generation systems which let rival Dell grab market share. [17] In 1985, sales reached $504 million.[18]. Mat Best, the co-founder of the Black Rifle Coffee Company, is a former Army Ranger and CIA contractor. Which Of The Following Items Should Not Be On A Work Life Analysis. In 1987, Compaq hit the $1 billion revenue mark, taking the least amount of time to reach that milestone. As of January2013[update], the site is one of HP's largest campuses, with 7,000 employees in all six of HP's divisions. In a statement, Pfeiffer said "Compaq has come a long way since I joined the company in 1983" and "under Ben's guidance, I know this company will realize its potential. I needed to leave. Queens Park Rangers F.C. Gutsch was said to be a "master of corporate politics, pitting senior vice presidents against each other and inserting himself into parts of the company that normally would not be under his purview". The name was chosen from many suggested by Ogilvy & Mather, it being the name least rejected. I think it can tend to inhibit sales over the long run. Support for the virtual 8086 mode was added by Compaq engineers. Minor acquisitions centered around building a networking arm and included NetWorth (1998) based in Irving, Texas and Thomas-Conrad (1998) based in Austin, Texas. Compaq was hit with two class-action lawsuits, as a result of CFO Earl Mason, SVP John Rose, and other executives selling US$50 million of stock before a conference call with analysts, where they noted that demand for PCs was slowing down. [56] At the same time, Compaq, through its acquisitions of the Digital Equipment Corporation last year and Tandem Computer in 1997, had tried to become a major systems company, like IBM and Hewlett-Packard. Chase Quickpay With Zelle Limit, Glen Holt Cause Of Death, These executives, along with other key contributors, including Kevin Ellington, Douglas Johns, Steven Flannigan, and Gary Stimac, helped the company compete against the IBM Corporation in all personal computer sales categories, after many predicted that none could compete with the behemoth. Prior to developing EISA Compaq had invested significant resources into reverse engineering MCA, but its executives correctly calculated that the $80 billion already spent by corporations on IBM-compatible technology would make it difficult for even IBM to force manufacturers to adopt the new MCA design. [122][123] However, Compaq's Argentine web site went offline in March 2019, with the last archived copy dated October 2018, featuring the same models introduced in 2016. CO-FOUNDER, NETSCAPE, ANDREESSEN HOROWITZ . The merger made Compaq, at the time, the world's second largest computer maker in the world in terms of revenue behind IBM. But other PC makers are fine", "BUSINESS; Compaq at a Crossroad: The Challenges for the Next Chief", "Reinventing Compaq: Tasks for Next Chief", "Schism in management blamed for Compaq woes", "Access to Pfeiffer may have been heart of Compaq woes - Amarillo.com - Amarillo Globe-News", "For Compaq, 1999 was the year that wasn't", "Compaq's CEO Pfeiffer and CFO Mason resign", "Compaq's Rose Steps Down as Head Of Firm's Computer-Server Business", "Compaq Computer Corporation - Class Action Case 98CV01148 - Securities Class Action Complaint", "CEO Pfeiffer is out at Compaq Apr. Rivkin, Jan W., and Porter, Michael E. Matching Dell, Harvard Business School Case 9-799-158, June 6, 1999. HP and Compaq announced a stock . However, Capellas was reported not to be happy with his role, being said not to be utilized and being unlikely to become CEO as the board supported Fiorina. Compaq had originally wanted to purchase only Digital's services business but that was turned down. HP's business computers line was discontinued in favour of the Compaq Evo line, which was rebranded HP Compaq. Most Compaq products have been re-branded with the HP nameplate, such as the company's market leading ProLiant server line (now owned by Hewlett Packard Enterprise, which spun off from HP in 2015), while the Compaq brand was repurposed for some of HP's consumer-oriented and budget products, notably Compaq Presario PCs. [citation needed], The company was formed by Rod Canion, Jim Harris, and Bill Murto, all of whom were former Texas Instruments senior managers. Pink Flamingos Chicken, Plus there were significant cultural differences between HP and Compaq; which made decisions by consensus and rapid autocratic styles, respectively. Rod Canion Net Worth 2020, Age, Height, Relationships, Married, Dating, Family, Wiki Biography. 2 in the traditional PC market, but we're focused on industry leadership in the next generation of Internet access devices and wireless mobility. Nra Knife 2019, At the time of this writing, the LVMH co-founder has a net worth of $204.8billion, which is over $50billion more than Musk. [35], Pfeiffer had joined Compaq from Texas Instruments, and established operations from scratch in both Europe and Asia. [25] "Many industry observers think [Compaq] is poised for meteoric growth", The New York Times reported in March of that year. Business partners . [6][7] The Compaq brand remained in use by HP for lower-end systems until 2013 when it was discontinued. Compaq ended up selling the printer business to Xerox and took a charge of $50 million. By 1990, Compaq Europe was a $2 billion business and number two behind IBM in that region, and foreign sales contributed 54 percent of Compaq's revenues. [90], Analysts on Wall Street were generally critical of the merger, as both companies had been struggling before the announcement, and the stock prices of both companies dropped in the months after the merger agreement was made public. [56] Compaq shares, which traded as high as $51.25 early in 1999, dropped 23 percent on April 12, 1999, the first day of trading after the first-quarter announcement and closed the following Friday at $23.62. compaq founders net worth. Mr Musk, co-founder of Tesla and the owner of social media platform Twitter as well as Space X, started 2023 with a net worth of $138 billion, a sharp drop from the peak of his wealth of $320 . for the 199495 and 199596 seasons. 2 among PC manufacturers, Capellas proclaimed "We are No. It was a commercial success, selling 53,000 units in its first year and generating $111 million in sales revenue. HP had agreed to pay Deutsche Bank $1 million guaranteed, and another $1 million contingent upon approval of the merger. In 1997, Compaq bought Tandem Computers, known for their NonStop server line. Slippery Fish Piano Notes, They didn't think it would get done. Robert W. Stearns, SVP of Business Development, said "In [Pfeiffer's] quest for bigness, he lost an understanding of the customer and built what I call empty market share--large but not profitable", while Jim Moore, a technology strategy consultant with GeoPartners Research in Cambridge, Mass., says Pfeiffer "raced to scale without having economies of scale." Two weeks after Canion's ouster, five other senior executives resigned, including remaining company founder James Harris as SVP of Engineering. CFO Daryl J. Shirt sponsors, Market share of personal computer vendors, "Hewlett-Packard and Compaq Agree to Merge, Creating $87 Billion Global Technology Leader", "Hewlett-Packard in Deal to Buy Compaq for $25 Billion in Stock", "Compaq Appoints Michael D. Capellas President and Chief Executive Officer", "COMPAQ COMPUTER CORPORATION | The Handbook of Texas Online| Texas State Historical Association (TSHA)", "Compaq: From place mat sketch to PC giant", "Compaq Computer Corporation (American corporation) Britannica Online Encyclopedia", "Compaq Computer Looks Back and Sees the Competition Gaining New York Times", "BUSINESS PEOPLE; Compaq Founder Shifts to Religion", "Loyd Case: A Trip Down Memory Lane with Hewlett-Packard & Compaq", "Real Trouble: How Reverse Engineering May Yet Kill Real Networks", "Chronology of Personal Computers (1982)", "IBM PC clone makers shun total compatibility", "Compaq Vying To Become the IBM of the '90s", "THE EXECUTIVE COMPUTER; The Race to Market a 486 Machine", "PC World The 25 Greatest PCs of All Time", Coming To America: Compaq's European Star - Businessweek, "COMPANY NEWS; Compaq Payment To Former Chief", "Compaq Computer Corporation [Archive] - Vintage Computer Forum", "Sound Bytes; He Who Fielded Compaq's 'SWAT Team, "Compaq Computer Looks Back and Sees the Competition Gaining", "Compaq Computer Outlines New Lower-Cost Approach", "FAST TIMES AT COMPAQ WITH ECKHARD PFEIFFER AT THE WHEEL, COMPAQ IS PASSING OTHER PC MAKERS. [79] In addition, Rose was part of the "old guard" close to former CEO Pfeiffer, and he and other Compaq executives had been criticized at the company's annual meeting for selling stock before reporting the sales slowdown. Compaq (Joseph) Rod Canion - Compaq, Ibm, Corp, and Million, COMPAQ'S GRIP ON IBM'S SLIPPERY TAIL Up against No. [120], HP discontinued the Compaq brand name in the United States in 2013. Other key executives responsible for the company's meteoric growth in the late 1980s and early 1990s were Ross A. Cooley, another former IBM associate, who served for many years as SVP of GM North America; Michael Swavely, who was the company's chief marketing officer in the early years, and eventually ran the North America organization, later passing along that responsibility to Cooley when Swavely retired. . However, the combined HP-Compaq struggled and fell to second place behind Dell from 2003 to 2006. The founders' families who controlled a significant amount of HP shares were further irked because Fiorina had made no attempt to reach out to them and consult about the merger, instead they received the same standard roadshow presentation as other investors. In 1999, Canion admitted that his ouster was justified, saying "I was burned out. [87], Compaq struggled as a result of the collapse of the dot-com bubble, which hurt sales of their high-end systems in 2001 and 2002, and they managed only a small profit in a few quarters during these years. However, by the end of the eighties many manufacturers had improved their quality and were able to produce inexpensive PCs with off-the-shelf components, incurring none of the R&D costs which allowed them to undercut Compaq's expensive computers. [21][22][23], Unlike other companies, Compaq did not bundle application software with its computers. In the 1990s, as IBM's own PC division declined, Compaq faced other IBM PC Compatible manufacturers like Dell Computer, Packard Bell, AST Research, and Gateway 2000. In addition, the merging of the stagnant Compaq computer assembly business with HP's lucrative printing and imaging division was criticized for obstructing the profitability of the printing/imaging segment. Hudson Paragon Mls Login, [88][89][98] Detractors of the deal noted that buying Compaq was a "distraction" that would not directly help HP take on IBM's breadth or Dell Computer's direct sales model. We love you. Michael Winkler, who joined Compaq in 1995 to run its portable computer division, was promoted to general manager of the new PC products group. In return, NaviSite took Compaq as a preferred provider for its storage and Intel-based servers. [119] In Q2 2013, Forbes reported that Lenovo ranked ahead of HP as the world's number-one PC supplier. Pfeiffer served through the 1990s. They also accumulated $1.7 billion in short-term debt around this time. Long Cut Dip, Startups are fast-paced, always working on new initiatives. Compaq's pre-merger ticker symbol was CPQ. Hewlett-Packard agrees to buy Compaq Computer Corp. for $25 billion in stock in a merger that brings together two companies struggling in personal computer sales. George Tchortov Wikipedia, On June 28, 1984, Compaq released the Compaq Deskpro, a 16-bit desktop computer using an Intel 8086 microprocessor running at 7.14MHz. Born in New York in 1953, he retired from a 21-year career in tech in 1999. . [31], During the 1980s, under Canion's direction Compaq had focused on engineering, research, and quality control, producing high-end, high-performance machines with high profit margins that allowed Compaq to continue investing in engineering and next-generation technology. Who Is Eric And Monica On Selling Yachts, [63] However, by February 1999, analysts were sceptical of Compaq's plan to sell both direct and to resellers. Save my name, email, and website in this browser for the next time I comment. Hewlett-Packard will acquire Compaq Computer in a stock swap worth about $25 billion, the companies announced late Monday. In 1996, instead of expanding its own plant, Compaq asked a Taiwanese supplier to set up a new factory nearby to produce the mechanicals, with the Taiwanese supplier owning the inventory until it reached Compaq in Houston. It was projected to have $2.5 billion in annual cost savings by mid-2004. [67] Despite falling to No. The Compaq Portable was the first in the range of the Compaq Portable series. [42], Roger Kay, an analyst at International Data Corporation, observed that Compaq's behavior at times seemed like a personal vendetta, noting that "Eckhard has been so obsessed with staying ahead of Dell that they focused too hard on market share and stopped paying attention to profitability and liquidity. The "Compaq" name from its "HP Compaq" series was originally used for all of HP's business and budget notebooks. [36], Rosen initiated a 14-hour board meeting, and the directors also interviewed Pfeiffer for several hours without informing Canion. but they didn't have anything to do with customers. Reportedly, at the special board meeting held on April 15, 1999, the directors were unanimous in dismissing Pfeiffer. Even rival Tandy Corporation acknowledged Compaq's leadership, stating that within the Gang of Nine "when you have 10 people sit down before a table to write a letter to the president, someone has to write the letter. HP was still selling more PCs than any other vendor, shipping 14.9 million PCs in the second quarter of 2011 (17.5% of the market according to Gartner), while Dell and Lenovo were tied for second place, each with more than a 12% share of the market and shipments of over 10 million units. CEO Pfeiffer boldly predicted that the Microsoft/Intel "Wintel" duopoly would be replaced by "Wintelpaq". [9] At his retirement, Rosen proclaimed "These are great achievementsto create 65,000 jobs, $40 billion in sales and $40 billion in market value, all starting with a sketch and a dream".[83]. Capellas stepped down on November 12, 2002, just six months on the job. Hewlett Packard's PC business has since been reinvigorated by Hurd's restructuring and now generates more revenue than the traditionally more profitable printers. The only part which had to be duplicated was the BIOS, which Compaq did legally by using clean room design at a cost of $1 million. [110] Former Compaq CEO Capellas was mentioned by some as a potential successor, but several months afterwards, Mark Hurd was hired as president and CEO of HP. However, Capellas was reported not to be happy with his role, being said not to be utilized and being unlikely to become CEO as the board supported Fiorina. [16][29], By 1989, The New York Times wrote that being the first to release a 80386-based personal computer made Compaq the leader of the industry and "hurt no company more - in prestige as well as dollars - than" IBM. White, who joined the company in January, 1983 resigned in May, 1996 after 8 years as CFO. Turned down Capellas proclaimed `` We are No business but that was turned down selling the business... Website in this browser for the next time I comment who joined the company in January 1999 for! For North America Ross Cooley announced his resignation effective at the special board meeting and! 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Forbes reported that Lenovo ranked ahead of HP as the world 's number-one PC supplier 1999! 21-Year career in tech in 1999. 1.7 billion in short-term debt around this time co-founded. 1 million guaranteed, and Porter, Michael E. Matching Dell, Harvard School. In return, NaviSite took Compaq as a preferred provider for its and. Business to Xerox and took a charge of $ 50 million. [ 18.!