compaq founders net worth
Digimon World Ds Farm Guide, Capellas stepped down as HP president on November 12, 2002, after just six months on the job, to become CEO of MCI Worldcom where he would lead its acquisition by Verizon. He has a net worth of $3 billion. [26] By October, when the company announced the Compaq Plus with a 10MB hard drive, PC Magazine wrote of "the reputation for compatibility it built with its highly regarded floppy disk portable". Division 2 Firewall Build, Reid Hoffman co-founded LinkedIn in 2002 and sold it to Microsoft in 2016 for $27 billion. Senior Vice-president for North America Ross Cooley announced his resignation effective at the end of 1996. [90] Compaq shareholders would own 36% of the combined company while HP's would have 64%. [3] Struggling to keep up in the price wars against Dell, as well as with a risky acquisition of DEC,[4] Compaq was acquired for US$25 billion by HP in 2002. Compaq (Joseph) Rod Canion - Compaq, Ibm, Corp, and Million, COMPAQ'S GRIP ON IBM'S SLIPPERY TAIL Up against No. Under the pact, Compaq agreed to promote and sell NaviSite Web hosting services. Why should you be constrained to use the software that comes with a piece of hardware? These departures were motivated by an enhanced severance or early retirement, as well as an imminent demotion as their functions were to be shifted to vice presidents. 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. [120], HP discontinued the Compaq brand name in the United States in 2013. 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. 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 . [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. [108] In October 2012, according to Gartner, Lenovo took the lead as the number one PC manufacturer from HP, while IDC ranked Lenovo just right behind HP. [125], The Compaq World Headquarters (now HP United States) campus consisted of 80 acres (320,000m2) of land which contained 15 office buildings, 7 manufacturing buildings, a product conference center, an employee cafeteria, mechanical laboratories, warehouses, and chemical handling facilities. [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. Compaq sponsored Queens Park Rangers F.C. [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. This allowed Compaq to compete in the "big-iron market" without incurring the costs of running its own services or software businesses.[49]. [62], Compaq entered 1999 with strong expectations. 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. HP's business computers line was discontinued in favour of the Compaq Evo line, which was rebranded HP Compaq. The new C.E.O. [87], 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. 2000 Seadoo Xp Specs, 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. Binny Bansal has had a pretty spectacular year in April, he helmed India's biggest startup acquisition, when Flipkart was acquired by Walmart at a valuation of $21 billion. Is God Testing Me Quiz, HP had agreed to pay Deutsche Bank $1 million guaranteed, and another $1 million contingent upon approval of the merger. CEO Pfeiffer boldly predicted that the Microsoft/Intel "Wintel" duopoly would be replaced by "Wintelpaq". Photo courtesy of Hewlett-Packard Show More Show Less 5 of 6 The Compaq founders: Compaq was . Awards and recognitions His company BrowserStack has won numerous industry accolades like: It has been named to Forbes 2021 Cloud 100. [36], Rosen initiated a 14-hour board meeting, and the directors also interviewed Pfeiffer for several hours without informing Canion. Hewlett-Packard will acquire Compaq Computer in a stock swap worth about $25 billion, the companies announced late Monday. 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", "Compaq to Acquire Digital, Once an Unthinkable Deal", "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", "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. Rod Canion, Jim Harris and Bill Murto were three engineers at Texas Instruments when they decided to branch out on their own in 1983. The two married in 1979, and for the next 20 years they traveled around the world as Capellas climbed the ranks of each company he joined. 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. George Tchortov Wikipedia, [33] Swavely's abrupt departure in January led to rumors of turmoil in Compaq's executive suite, including friction between Canion and Swavely, likely as Swavely's rival Pfeiffer had received the number two leadership position. The Compaq Portable was the first in the range of the Compaq Portable series. 2 in the traditional PC market, but we're focused on industry leadership in the next generation of Internet access devices and wireless mobility. We've considered it, and every time we consider it we reject it. [75] Mason, senior vice president and chief financial officer, had previously been offered the job of chief executive of Alliant Foodservice, Inc., a foodservice distributor based in Chicago, and he informed Compaq's board that he accepted the offer. Knowledge@Wharton", "Compaq logs 3Q loss, lowers 4Q target Oct. 23, 2001", "TechRepublic A Resource for IT Professionals", "HP hires workers as it lets others go | The San Diego Union-Tribune", "HP fires Blackmore, other sales executives", "PROFILE / Duane Zitzner / From farmer to valley VP / HP exec goes from milking cows to trying to revive computer sales", "The HP-Compaq Merger: Partners Reflect 10 Years Later", "Connect at the speed of business: HP Feature story (May 2007)", "HP Debuts HP EliteBook, Expands Business Notebook Portfolio", "LSCS purchases center core of HP north campus", "HP kills TouchPad, looks to exit PC business", "HP to spin off PC business, shutter webOS device division", "HP to Buy Autonomy; Spin Off PC Unit, Stock Dropping", "Lenovo knocks HP from top of global PC market: Gartner", Lenovo Shares Jump As PC Shipments Overtake HP, "Grupo Newsan y HP confirman acuerdo para producir en el pasGrupo Newsan y HP confirman acuerdo para producir en el pas", "Compaq presenta su nueva lnea de Notebooks con procesadores Intel Core de 6ta Generacin", Compaq Computer CorporationWorld Headquarters, Compaq Computer Corporation World Headquarters, "What Houston means to HP: Tech giant opens former Compaq campus doors for rare tour", "The Compaq Commons Opens at Company's Worldwide Headquarters in Houston; New Facility Includes Advanced Fitness, Wellness Centers and Aggressive End Hunger Project. 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. [112] As of early 2009, the "HP ProBook" filled out HP's low end business lineup. Canion initially believed that the 1990s recession was responsible for Compaq's declining sales but insisted that they would recover once the economy improved, however Pfeiffer's observation of the European market noted that it was competition as rivals could match Compaq at a fraction of the cost. Under Mason's guidance, Compaq utilized its assets more efficiently instead of focusing just on income and profits, which increased Compaq's cash from $700 million to nearly $5 billion in one year. [30] The company was so influential that observers and its executives spoke of "Compaq compatible". Pfeiffer also made several major and some minor acquisitions. Continuing its expansion into networking, Compaq Computer yesterday agreed to pay about. [15][16] Due to its partnership with Intel, Compaq was able to maintain a technological lead in the market place as it was the first one to come out with computers containing the next generation of each Intel processor. [105] Though the combination of both companies' PC manufacturing capacity initially made the post-merger HP number one, it soon lost the lead and further market share to Dell which squeezed HP on low end PCs. [25] "Many industry observers think [Compaq] is poised for meteoric growth", The New York Times reported in March of that year. 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. [86] Compaq relied significantly on reseller channels, so their criticism caused Compaq to retreat from its proposed direct sales plan, although Capellas maintained that he would use the middlemen to provide value-added services. The merger made Compaq, at the time, the world's second largest computer maker in the world in terms of revenue behind IBM. [citation needed]. "Cowboys" draws its name from the Compaq founders' roots in Texas. There would be a termination fee of US$675 million that either company would have to pay the other to break the merger. But other PC makers are fine", "The Compaq Commons Opens at Company's Worldwide Headquarters in Houston; New Facility Includes Advanced Fitness, Wellness Centers and Aggressive End Hunger Project. [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. [60][129], On August 31, 1998, the Compaq Commons was opened in the headquarters campus, which featured a conference center, an employee convenience store, a wellness center, and an employee cafeteria. From his dorm room in 2005, Box founder Aaron Levie cold emailed billionaire investor Mark Cuban, asking for angel-round funding. Capellas stepped down on November 12, 2002, just six months on the job. but they didn't have anything to do with customers. [1] He was named as one of Time 's "Cyber Elite Top 50" for 1998. Compaq ended up selling the printer business to Xerox and took a charge of $50 million. In the United States, Brendan A. Business partners . Written in partnership with Entrepreneurship Stories January 18, 2023. By the mid-1990s, Compaq's price war had enabled it to overtake IBM and Apple, while other IBM PC Compatible manufacturers such as Packard Bell and AST were driven out from the market. Instead of cloning MCA, Compaq formed an alliance with Hewlett Packard and seven other major manufacturers, known collectively as the "Gang of Nine", to develop EISA. Compaq Computer Corp's latest takeover target, San Jose, California-based NetWorth Inc, manufacturer of Fast Ethernet hubs, switches and related products, It's not even London money." . Kurtzman's teams recommended to Pfeiffer that each business unit had to be first or second in its market within three yearsor else Compaq should exit that line. Rounding out the top five include Gautam Adani ($125.7billion), Jeff Bezos ($118.2billion), and Warren Buffett ($110.5billion). 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. [citation needed], The company was formed by Rod Canion, Jim Harris, and Bill Murto, all of whom were former Texas Instruments senior managers. Eckhard Pfeiffer. Birdman Face Reveal, The company's net worth is nothing but the Book value or Shareholders Equity of the firm. Nra Knife 2019, Born-February 24, 1955,, San Francisco, California, U.S. Died- October 5, 2011, Palo Alto. Glen Holt Cause Of Death, Particularly rival Dell made gains from defecting HP and Compaq customers who were wary of the merger. [11], Rosen and Canion had disagreed about how to counter the cheaper Asian PC imports, as Canion wanted Compaq to build lower cost PCs with components developed in-house in order to preserve Compaq's reputation for engineering and quality, while Rosen believed that Compaq needed to buy standard components from suppliers and reach the market faster. [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. At the time of their 2002 merger, Compaq and HP were the second and third largest PC manufacturers, so their combination made them number one. Fourth-quarter 1998 earnings reported in January 1999 beat expectations by six cents a share with record 48 percent growth. 2 min read. [128], After Canion's ouster, senior vice-president of human resources, Hans W. Gutsch, oversaw the company's facilities and security. 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