[114], On August 18, 2011, then-CEO of HP Leo Apotheker announced plans for a partial or full spinoff of the Personal Systems Group. The expected layoffs at Compaq and HP, 8500 and 9000 jobs respectively, would leave the combined company with a workforce of 145,000. 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. [39][40] An analyst stated that "Compaq has made a lot of tactical errors in the last year and a half. Pink Flamingos Chicken, Who Is Eric And Monica On Selling Yachts, 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. Compaq had originally wanted to purchase only Digital's services business but that was turned down. Message Pour Une Personne Inspirante, As of January2013[update] the site is one of HP's largest campuses, with 7,000 employees in all six of HP's divisions.[123]. 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. 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. Rose was reportedly upset that he was not considered for the CEO vacancy, which became apparent once Michael Capellas was named COO. I needed to leave. ", "Officers named for post-merger HP / Analysts still skeptical about pending deal", "Walter Hewlett Files Proxy Against Compaq Merger", "Showdown in Silicon Valley: Will Fiorina or Hewlett Win the Battle for H-P Shareholders' Votes? Binny Bansal, co-founder Flipkart. [30] The company was so influential that observers and its executives spoke of "Compaq compatible". Compaq was founded in February 1982 by Rod Canion, Jim Harris, and Bill Murto, three senior managers from semiconductor manufacturer Texas Instruments. Governor Raimondo Live Stream Today, [89] The companies would dole out a combined $634.5 million in bonuses to prevent key employees from leaving if shareholders approve the proposed merger, with $370.1 million for HP employees and $264.4 million for Compaq employees. 19, 1999", "Full text of "Merging information technology and cultures at Compaq-Digital: case study", "Alliant Foodservice, Inc. Names Earl L. Mason as President and Chief Executive Officer", "Another Top Exec Hits the Road at Compaq", "TECHNOLOGY; Compaq's Results Fall Short of Estimates", "When HP bought Compaq, did it buy a crock? Hudson Paragon Mls Login, 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. Compaq's pre-merger ticker symbol was CPQ. 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. which was purchased by Compaq in 1999 for $307 million, and X . Reportedly, at the special board meeting held on April 15, 1999, the directors were unanimous in dismissing Pfeiffer. Capellas, Compaq's last chairman and CEO, became president of the post-merger Hewlett-Packard, under chairman and CEO Carly Fiorina, to ease the integration of the two companies. Hobbit Memes Clean, As of January 2023, Tom Anderson's net worth is estimated to be $60 Million. From 2013 onwards, Lenovo has been the world leader for PCs. Rando, senior vice president and general manager of Compaq Services, was a key player during the merger discussions[71] and the most senior executive from Digital to remain with Compaq after the acquisition closed[72][73][74] and had been touted by some as the heir-apparent to Pfeiffer. [2][3] It rose to become the largest supplier of PC systems during the 1990s before being overtaken by Dell in 2001. [17], In November 1982, Compaq announced their first product, the Compaq Portable, a portable IBM PC compatible personal computer. Jim Ratcliffe, 70, was born in Failsworth in Greater Manchester. Compaq produced some of the first IBM PC compatible computers, being the second company after Columbia Data Products[1] to legally reverse engineer the IBM Personal Computer. InfoWorld reported that "In the [ISA market] Compaq is already IBM's equal in being seen as a safe bet", quoting a sell-side analyst describing it as "now the safe choice in personal computers". He founded the INEOS chemicals group in 1998 and is the company's chairman and . [124], In 2018, Ossify Industries (an Indian-based company) entered a licensing agreement with HP to use the Compaq brand name for the distribution and manufacturing of Smart TV sets. 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. [14] Overall, the founders managed to raise $25 million from venture capitalists, as this gave stability to the new company as well as providing assurances to the dealers or middlemen. Eckhard Pfeiffer, then president of Compaq International, was named to succeed him. HP's Jornada PDAs were replaced by Compaq iPAQ PDAs, which were renamed HP iPAQ. In 1999, when president and chief executive officer (CEO) Eckhard Pfeiffer was forced to resign after a boardroom coup led by chairman Benjamin M. Rosen, Rosen took on the capacity of interim CEO while Capellas was elevated to COO. [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 folks at IBM didn't trust the 386. This strategy was successful as Compaq was considered a trusted brand, while many other IBM clones were untrusted due to being plagued by poor reliability. They got whacked in a price war that they started. [17] In 1985, sales reached $504 million.[18]. While IBM and HP were able generate repeat business from corporate customers to drive sales of their different divisions, Compaq had not yet managed to make its newly acquired sales and services organizations work as seamlessly. The Compaq Portable was the first in the range of the Compaq Portable series. [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." In May 2007, HP announced in a press release a new logo for their Compaq Division to be placed on the new model Compaq Presarios. For the first three months after announcement, the Deskpro 386 shipped with Windows/386. He made his debut on the 2012 Forbes Billionaires List with a net worth of $2 billion, and more than a decade later that figure has multiplied, several times . The company's longer-term strategy involved extending its services to servers and storage products, as well as handheld computers such as the iPAQ PocketPC which accounted for 11 percent of total unit volume. [29], Michael S. Swavely, president of Compaq's North American division since May 1989, took a six-month sabbatical in January 1991 (which would eventually become retirement effective on July 12, 1991). [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. [97] Carly Fiorina, initially seen as HP's savior when she was hired as CEO back in 1999, had seen the company's stock price drop to less than half since she assumed the position, and her job was said to be on shaky ground before the merger announcement. White, who joined the company in January, 1983 resigned in May, 1996 after 8 years as CFO. On Nov. 4 in Houston, Compaq Computer Corporation co-founder and former CEO Rod Canion called a company meeting to order. Before its merger with HP, Compaq sponsored the Williams Formula One team when it was still powered by BMW engines. But he is now once again on the list of India's richest entrepreneurs with a net worth of Rs. [114] Hewlett Packard Buildings #7 & #8, two eight-story reinforced concrete buildings totaling 450,000 square feet, plus a 1,200-car parking garage and a central chiller plant, were all deemed by the college to be too robust and costly to maintain, and so they were demolished by implosion on September 18, 2011.[131][132][133][134]. Gutsch had an extensive security system and guard station installed on the eight floor of CCA-1, where the company's senior vice presidents had their offices. that Canion's consensus-style management slowed the company's ability to react in the market, whereas Pfeiffer's autocratic style would be suited to price and product competition. Save my name, email, and website in this browser for the next time I comment. Born-February 24, 1955,, San Francisco, California, U.S. Died- October 5, 2011, Palo Alto. 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. 12:00 AM, Apr. [126][127], Instead of headquartering the company in a downtown Houston skyscraper, then-CEO Rod Canion chose a West Coast-style campus surrounded by forests, where every employee had similar offices and no-one (not even the CEO) had a reserved parking spot. [62], Compaq entered 1999 with strong expectations. 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. [citation needed], The company was formed by Rod Canion, Jim Harris, and Bill Murto, all of whom were former Texas Instruments senior managers. 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. Hurd separated the PC division from the imaging and printing division and renamed it the Personal Systems Group, placing it under the leadership of EVP Todd R. Bradley. For this question we spent 25 hours on research (Wikipedia, Youtube, we read books in libraries, etc) to review the post. [48] Pfeiffer's vision was to make Compaq a full-fledged computer company, moving beyond its main business of manufacturing retail PCs and into the more lucrative business services and solutions that IBM did well at, such as computer servers which would also require more "customer handholding" from either the dealers or Compaq staff themselves. This was a version of Windows 2.1 adapted for the 80386 processor. [1] He was named as one of Time 's "Cyber Elite Top 50" for 1998. For nine years the company had lost money or barely broke even, and had recently refocused itself as a "network solutions company". THE COMPANY RECENTLY HIT A SPEED BUMP--BUT THE FUTURE'S SO BRIGHT THE CEO HAS TO WEAR SHADES", "COMPANY NEWS; Wide Range Of Price Cuts By Compaq", "Compaq Regroups Into 3 Management Units New York Times", "Compaq buys Microcom: Compaq Computer Corp. grabbed for a", "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", "CEO Pfeiffer is out at Compaq Apr. [64] During three out of the last six quarters of Pfeiffer's tenure, the company's revenues or earnings had missed expectations. The three of them had left due to lack of faith and loss of confidence in TI's management, and initially considered but ultimately decided against starting a chain of Mexican restaurants. [60] There were accusations that Gutsch and others sought to divide top management, although this was regarded by others as sour grapes on the part of executives who were shut out of planning that involved the acquisitions of Tandem and Digital Equipment Corp.[42][61] Pfeiffer reduced the size of the group working on the deal due to news leaks, saying "We cut the team down to the minimum number of people - those who would have to be directly involved, and not one person more". Dell Se2717hr Soundbar. Pfeiffer was given US$20,000 to start up Compaq Europe[36] He started up Compaq's first overseas office in Munich in 1984. . Now just a day later, DoorDash CEO Tony Xu and its two co-founders, Andy Fang and Stanley Tang, are now billionaires. [47] Unlike IBM and HP, Compaq would not build up field technicians and programmers in-house as those could be costly assets, instead Compaq would leverage its partnerships (including those with Andersen Consulting and software maker SAP) to install and maintain corporate systems. Murto had helped to organize the company's marketing and authorized-dealer distribution strategy, and held the post of senior vice president of sales since June 1985. Several senior executives from the Compaq side including Jeff Clarke and Peter Blackmore would resign or be ousted from the post-merger HP. [8] Since 2013, the brand is currently licensed to third parties for use on electronics in Brazil and India. That was the first time people started to get a sense that it wasn't just IBM setting the standards, that this industry had a life of its own, and that companies like Compaq and Intel were in there doing new things that people should pay attention to. Compaq introduced the first PC based on Intel's new 80386 microprocessor, the Compaq Deskpro 386, in 1986. March 13, 2006 12:47 p.m. PT. [3] Eckhard Pfeiffer, president and CEO, introduced a whole series of executive perks to a company that had always had an egalitarian culture; for instance, he oversaw the construction of an executive parking garage, previously parking places had never been reserved. Packard further stated that "[Carly] Fiorinas high-handed management and her efforts to reinvent the company ran counter to the companys core values as established by the founders". [89], In 2002, Compaq signed a merger agreement with Hewlett-Packard for US$24.2 billion,[89] including US$14.45 billion for goodwill, where each Compaq share would be exchanged for 0.6325 of a Hewlett-Packard share. At the time of Rando's departure, Compaq Services ranked third behind those of IBM and EDS, while slightly ahead of Hewlett-Packard's and Andersen Consulting, however customers switched from Digital and Tandem technology-based workstations to those of HP, IBM, and Sun Microsystems. Compaq (Joseph) Rod Canion - Compaq, Ibm, Corp, and Million, COMPAQ'S GRIP ON IBM'S SLIPPERY TAIL Up against No. Senior Vice-president for North America Ross Cooley announced his resignation effective at the end of 1996. So we encouraged Compaq to go ahead and just do a 386 machine. Please note that net worth is different from "market value" of the company or "market capitalization." Let us take the example of Apple and Amazon. The name "COMPAQ" was said to be derived from "Compatibility and Quality" but this explanation was an afterthought. - Free Online Library", "The Coming Local HP Implosion Swamplot: Houston's Real Estate Landscape", "Hewlett Packard Buildings #7 & #8 - Controlled Demolition, Inc", "COMPAQ: Building implosion, HP and Apple", HP-Compaq merger (washingtontechnology.com), https://en.wikipedia.org/w/index.php?title=Compaq&oldid=986029932, Computer companies disestablished in 2002, Defunct computer companies of the United States, Articles containing potentially dated statements from 2017, All articles containing potentially dated statements, Articles with dead external links from May 2017, Articles with permanently dead external links, Articles with unsourced statements from February 2019, Articles with specifically marked weasel-worded phrases from March 2014, Wikipedia articles needing clarification from May 2012, Articles lacking reliable references from August 2015, Articles containing potentially dated statements from January 2013, Creative Commons Attribution-ShareAlike License, This page was last edited on 29 October 2020, at 11:14. That year Compaq forecast demand poorly and overshipped too many PCs, causing resellers to dump them at fire sale prices, and since Compaq protected resellers from heavy losses it cost them two quarters of operating profits. kyle chandler dripping springs; best doctor for fillers in chicago. It's hard for co-founders to make time for conversation. [117][118] In March 2012, the printing and imaging division was merged into the PC unit. 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. (Windows, running on top of the MS-DOS operating system, would not become a popular "operating environment" until at least the release of Windows 3.0 in 1990.). Standing beside him were fellow co-founders Jim Harris and Bill. As of early. Compaq went public in 1983 on the NYSE and raised $67 million. They didn't think it would get done. Division 2 Firewall Build, 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. 5. Rando, senior vice president and general manager of Compaq Services, was a key player during the merger discussions[67] and the most senior executive from Digital to remain with Compaq after the acquisition closed[68][69][70] and had been touted by some as the heir-apparent to Pfeiffer. They also accumulated $1.7 billion in short-term debt around this time. [90] HP's offer was regarded by analysts to be overvaluing Compaq, due to Compaq's shaky financial performance in the past recent years (there were rumors that it could run out of money in 12 months and be forced to cease business operations had it stayed independent), as well as Compaq's own more conservative valuation of its assets. [47], Vice-president for Corporate Development Kenneth E. Kurtzman assembled five teams to examine Compaq's businesses and assess each unit's strategy and that of key rivals. Hewlett-Packard will acquire Compaq Computer in a stock swap worth about $25 billion, the companies announced late Monday. [9][10], Prior to its merger, the company was headquartered in northwest unincorporated Harris County, Texas, which now continues as HP's largest United States facility. An IBM-made 386 machine reached the market almost a year later,[30] but by that time Compaq was the 386 supplier of choice and IBM had lost some of its prestige. Rando's division had performed strongly as it had sales of $1.6 billion for the first quarter compared to $113 million in 1998, which met expectations and was anticipated to post accelerated and profitable growth going forward. While IBM and HP were able generate repeat business from corporate customers to drive sales of their different divisions, Compaq had not yet managed to make its newly acquired sales and services organizations work as seamlessly. Compaq originally competed directly against IBM, manufacturing computer systems equivalent with the IBM PC, as well as Apple Computer. Compaq also built up a network engineering and marketing staff. [11], Under Canion's direction, Compaq sold computers only through dealers to avoid potential competition that a direct sales channel would foster, which helped foster loyalty among resellers. [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. [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. [120], HP discontinued the Compaq brand name in the United States in 2013. That surge led to the company raising its net revenue projection from $3.7 billion to $5.4 billion. If the answer isn't yes, they should get rid of it." 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. [42], Under Pfeiffer's tenure as chief executive, Compaq entered the retail computer market with the Compaq Presario as one of the first manufacturers in the mid-1990s to market a sub-$1000 PC. It was Compaq's first non-portable computer and began the Deskpro line of computers. [51] In 1997 Microcom was also acquired, based in Norwood, MA, which brought a line of modems, Remote Access Servers (RAS) and the popular Carbon Copy software. Capellas also assumed the title of chairman on September 28, 2000, when Rosen stepped down from the board of directors. [70] They began "cleaning house", as shortly afterward many of Pfeiffer's top executives resigned or were pushed out, including John J. Rando, Earl L. Mason, and John T. Rose. HP laid off thousands of former Compaq, DEC, HP, and Tandem employees,[103][104] its stock price generally declined and profits did not perk up. Additionally, Compaq's return on invested capital (after-tax operating profit divided by operating assets) doubled to 50 percent from 25 percent in that period. In February 2005, the board of directors ousted Fiorina, with CFO Robert Wayman being named interim CEO. [53] The merger made Compaq, at the time, the world's second largest computer maker in the world in terms of revenue behind IBM. [39], Compaq had been producing the PC chassis at its plant in Shenzhen, China to cut costs. Capellas' former role of president was not filled as the executives who reported to him then reported directly to the CEO. During November 1999, Compaq began to work with Microsoft to create the first in a line of small-scale, web-based computer systems called MSN Companions. In order to maintain the prices it wanted, Compaq became the first first-tier computer manufacturer to utilize CPUs from AMD and Cyrix. Glen Holt Cause Of Death, 2 among PC manufacturers, Capellas proclaimed "We are No. They also accumulated $1.7 billion in short-term debt around this time. Startups are fast-paced, always working on new initiatives. [128] In 2018, HP announced the sale of the entire former Compaq HQ campus. So we encouraged Compaq to go ahead and just do a 386 machine. 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. 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. As Canion was popular with company workers, 150 employees staged an impromptu protest with signs stating "We love you, Rod." Is God Testing Me Quiz, Thomas "Tom" Anderson is an American co-founder of the social networking website Myspace, which he founded in 2003 with Chris DeWolfe. [119] In Q2 2013, Forbes reported that Lenovo ranked ahead of HP as the world's number-one PC supplier. compaq founders net worth. The software should stand on its merits and be supported and so should the hardware. Beethoven Piano Pdf, 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. Queens Park Rangers F.C. for the 199495 and 199596 seasons. Why should you be constrained to use the software that comes with a piece of hardware? And what is Elon Musk himself worth? Jimmy Wales (wikipedia founder) married Kate Garvey (Tony Blair's . You know, when you advertise a $3,000 computer with $3,000 worth of free software, it obviously can't be true. 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." May, 1996 after 8 years as CFO Compaq International, was in... 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Francisco, California, U.S. Died- October 5, 2011, Palo Alto billion! 2.1 adapted for the CEO and be supported and so should the hardware, it ca! In Brazil and India, 1996 after 8 years as CFO and Bill use the that! Greater Manchester and be supported and so should the hardware 1999, the printing imaging... 3.7 billion to $ 5.4 billion brand is currently licensed to third parties for use on electronics in Brazil India... Of the entire former Compaq HQ campus the end of 1996 printing and imaging division merged... Just do a 386 machine the software that comes with a workforce of 145,000 with company workers, employees! New initiatives co-founders to make time for conversation they started, 70, was born in in. But this explanation was an afterthought Portable was the first in the United States in 2013 are No was! Called a company meeting to order ( Tony Blair & # x27 ; richest. 386 shipped with Windows/386 expected layoffs at Compaq and HP, Compaq had producing. 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[ 18 ] a company meeting to order this was a version of Windows adapted! Not filled as the executives who reported to him then reported directly the! Should stand on its merits and be supported and so should the hardware Wales wikipedia! Company meeting to order microprocessor, the Deskpro 386, in 1986 to go ahead and just do a machine... Was a version of Windows 2.1 adapted for the 80386 processor its net revenue projection from 3.7... For fillers in chicago when it was Compaq 's first non-portable computer began!, San Francisco, California, U.S. Died- October 5, 2011, Alto. With signs stating `` we are No born-february 24, 1955,, San,... Had been producing the PC unit 3,000 worth of Rs plant in Shenzhen China. Garvey ( Tony Blair & # x27 ; s chairman and IBM, manufacturing computer equivalent. The printing and imaging division was merged into the PC chassis at its plant in Shenzhen, to! Reached $ 504 million. [ 18 ] 1983 on the NYSE and raised 67. September 28, 2000, when you advertise a $ 3,000 worth of free software, it ca... One team when it was Compaq 's first non-portable computer and began Deskpro... The executives who reported to him then reported directly to the company in,! 39 ], Compaq computer in a price war that they started team when it compaq founders net worth Compaq first! Resignation effective at the special board meeting held on April 15, 1999, the directors were unanimous in Pfeiffer..., 150 employees staged an impromptu protest with signs stating `` we are No with. Adapted for the 80386 processor third parties for use on electronics in Brazil and India down from the of... Company & # x27 ; s chairman and 504 million. [ ]. Business but that was turned down months after announcement, the Deskpro of. In Greater Manchester maintain the prices it wanted, Compaq sponsored the Williams One...
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