[3] Rounding out the top five include Gautam Adani ($125.7billion), Jeff Bezos ($118.2billion), and Warren Buffett ($110.5billion). Eckhard Pfeiffer. Startups are fast-paced, always working on new initiatives. 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. Binny Bansal, co-founder Flipkart. [84] The stock price of Compaq, which was around $25 when Capellas became CEO, was trading at half that by 2002. "[69] Subsequent earnings releases from Compaq's rivals, Dell, Gateway, IBM, and Hewlett-Packard suggested that the problems were not affecting the whole PC industry as Pfeiffer had suggested. You remove the freedom from the dealers to really merchandise when you bundle in software. [114], On August 18, 2011, then-CEO of HP Leo Apotheker announced plans for a partial or full spinoff of the Personal Systems Group. CEO Pfeiffer boldly predicted that the Microsoft/Intel "Wintel" duopoly would be replaced by "Wintelpaq". [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. [35], Pfeiffer had joined Compaq from Texas Instruments, and established operations from scratch in both Europe and Asia. They were trend-setters, now they are lagging". [43] Compaq's inventory and gross margins were better than that of its rivals which enabled it to wage the price wars. [115][116] However, the announcement of the PC spinoff (concurrent with the discontinuation of WebOS, and the purchase of Autonomy Corp. for $10 billion) was poorly received by the market, and after Apotheker's ouster, plans for a divestiture were cancelled. [117][118] In March 2012, the printing and imaging division was merged into the PC unit. 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. 5. [81][82], Pfeiffer's permanent replacement was Michael Capellas, who had been serving as Compaq's SVP and CIO for under a year. [91][92], Both companies had to seek approval from their shareholders through separate special meetings. From Dropout to 7-Figure Net Worth: The Inspiring Journey of Steven Cohen, Co-Founder of Sunder Energy. The food delivery platform's initial IPO catapulted Xu's net worth to . [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. 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. Capellas' former role of president was not filled as the executives who reported to him then reported directly to the CEO. He's with Questia Media, which wants to bring a university-class library to a high . 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", https://www.crn.com/news/mobility/231601009/the-hp-compaq-merger-partners-reflect-10-years-later.htm, "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", "Eckhard's Gone But the PC Rocks On Compaq's CEO blames his ouster on a savagely competitive industry. Hewlett Packard's PC business has since been reinvigorated by Hurd's restructuring and now generates more revenue than the traditionally more profitable printers. [52], In 1998, Compaq acquired Digital Equipment Corporation for a then-industry record of $9.6 billion. [85], However Compaq still struggled against lower-cost competitors with direct sales channels such as Dell who took over the top spot of PC manufacturer from Compaq in 2001. So we encouraged Compaq to go ahead and just do a 386 machine. 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]. [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. Second Compaq logo, used from 1993 to 2007. 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. [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. 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 . 2 in the traditional PC market, but we're focused on industry leadership in the next generation of Internet access devices and wireless mobility. [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". Elon Musk, of course, is the man behind Tesla and SpaceX and the. 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. CFO Daryl J. who is jim ratcliffe and what is his net worth? [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]. While Canion developed an 18-month plan to create a line of low-priced computers, Rosen sent his own Compaq engineering team to Comdex without Canion's knowledge and discovered that a low-priced PC could be made in half the time and at lower cost than Canion's initiative. At the time of this writing, the LVMH co-founder has a net worth of $204.8billion, which is over $50billion more than Musk. 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. I don't believe and our dealer network doesn't believe that bundling is the best way to merchandise those products. [citation needed], The company was formed by Rod Canion, Jim Harris, and Bill Murto, all of whom were former Texas Instruments senior managers. 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 . Pfeiffer also made several major and some minor acquisitions. Nra Knife 2019, Particularly rival Dell made gains from defecting HP and Compaq customers who were wary of the merger. Which Of The Following Items Should Not Be On A Work Life Analysis. 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. This was a version of Windows 2.1 adapted for the 80386 processor. The name "COMPAQ" was said to be derived from "Compatibility and Quality" but this explanation was an afterthought. Ritesh Arora finally founded BrowserStack, where he still is a Co-founder and CEO. [64][65][66], On April 17, 1999, just nine days after Compaq reported first-quarter profit being at half of what analysts had expected, the latest in a string of earnings disappointments, Pfeiffer was forced to resign as CEO in a coup led by board chairman Ben Rosen. [94] 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. Governor Raimondo Live Stream Today, From third place in 1993, Compaq had overtaken Apple Computer and even surpassed IBM as the top PC manufacturer in 1994, as both IBM and Apple were struggling considerably during that time. Pfeiffer served through the 1990s. [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". 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. [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. List Net Worth of American company founders, Net Worth 2019 of American company founders, including Alan Gerry, Alexander Karp, Alexander Spanos, Aneel Bhusri, Ben Ashkenazy, Brian Chesky, Bryan Sheffield, Chuck Bundrant [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. [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. On August 19, 2003, the U.S. SEC charged Deutsche Bank with failing to disclose a material conflict of interest in its voting of client proxies for the merger and imposed a civil penalty of $750,000. [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. Awards and recognitions His company BrowserStack has won numerous industry accolades like: It has been named to Forbes 2021 Cloud 100. In 1987, Compaq hit the $1 billion revenue mark, taking the least amount of time to reach that milestone. Thomas "Tom" Anderson is an American co-founder of the social networking website Myspace, which he founded in 2003 with Chris DeWolfe. 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". compaq founders net worth. 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. [106][99][107] HP was also unable to compete effectively with IBM in the high-end server market. So we encouraged Compaq to go ahead and just do a 386 machine. Pfeiffer also received the title of chief operating officer, with responsibility for the company's operations on a worldwide basis, so that Canion could devote more time to strategy. Following the merger, all Compaq computers were shipped with HP software. Under pressure from Compaq's board to control costs as staff was ballooning at their Houston headquarters despite falling U.S. sales, while the number of non-U.S. employees had stayed constant, Compaq made its first-ever layoffs (1400 employees which was 12% of its workforce) while Pfeiffer was promoted to EVP and COO. [17], In November 1982, Compaq announced their first product, the Compaq Portable, a portable IBM PC compatible personal computer. Born-February 24, 1955,, San Francisco, California, U.S. Died- October 5, 2011, Palo Alto. [58][59], In early 1998, Compaq had the problem of bloated PC inventories. That's where the growth and the profitability will be." In 1986, it enjoyed record sales of $329 million from 150,000 PCs, and became the youngest-ever firm to make the Fortune 500. Due to Dell's struggles in late 2006, HP has led all PC vendors from 2007 to 2012. [4] Struggling to keep up in the price wars against Dell, as well as with a risky acquisition of DEC,[5] Compaq was acquired for US$25 billion by HP in 2002. 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. Furthermore, Microsoft had kept the right to license MS-DOS, the most popular and de facto standard operating system[20] for the IBM PC, to other computer manufacturers. The name was chosen from many suggested by Ogilvy & Mather, it being the name least rejected. The new C.E.O. Capellas stepped down on November 12, 2002, just six months on the job. [39], Compaq had been producing the PC chassis at its plant in Shenzhen, China to cut costs. For 15.03.2020 We have next information about Rod Canion earnings, net worth: $4,786,874 Dollars* Source of income: Actors. Pfeiffer was given US$20,000 to start up Compaq Europe[36] He started up Compaq's first overseas office in Munich in 1984. Vice President of Sales and Service H. L. Sparks said in early 1984:[21]. [88] One of the few positives was Compaq's sales approach and enterprise focus that influenced the newly combined company's strategy and philosophy.[109]. The merger made Compaq, at the time, the world's second largest computer maker in the world in terms of revenue behind IBM. It was the second IBM PC compatible, being capable of running all software that would run on an IBM PC. HP's Jornada PDAs were replaced by Compaq iPAQ PDAs, which were renamed HP iPAQ. 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. To everyone's surprise, including Levie's, the gambit worked and Cuban shelled out "a few hundred thousand dollars," according to the cloud-storage entrepreneur. In February 2005, the board of directors ousted Fiorina, with CFO Robert Wayman being named interim CEO. 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. Photo courtesy of Hewlett-Packard Show More Show Less 5 of 6 The Compaq founders: Compaq was . ET. This was combined with Hewlett-Packard's ticker symbol (HWP) to create the current ticker symbol (HPQ). The Inquirer noted that the continued low return on investment and small margins of HP's personal computer manufacturing business, now named the Personal Systems Group, "continues to be what it was in the individual companies, not much more than a job creation scheme for its employees". Compaq ended up selling the printer business to Xerox and took a charge of $50 million. - 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) Archived, https://en.wikipedia.org/w/index.php?title=Compaq&oldid=1127458986, American companies disestablished in 2002, Computer companies disestablished in 2002, Defunct computer companies of the United States, Pages with non-numeric formatnum arguments, Articles with dead external links from May 2017, Articles with permanently dead external links, Short description is different from Wikidata, Articles with unsourced statements from December 2022, 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 containing potentially dated statements from January 2013, All articles containing potentially dated statements, Articles with unsourced statements from March 2022, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 14 December 2022, at 20:58. 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. 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. [112] As of early 2009, the "HP ProBook" filled out HP's low end business lineup. On June 28, 1984, Compaq released the Compaq Deskpro, a 16-bit desktop computer using an Intel 8086 microprocessor running at 7.14MHz. The Compaq Portable was one of the progenitors of today's laptop; some called it a "suitcase computer" for its size and the look of its case. 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. In January 1998, Compaq was at its height. [90] Hewlett-Packard had reported yearly revenues of $47 billion, while Compaq's was $40 billion, and the combined company would have been close to IBM's $90 billion revenues. [36], Compaq had been producing the PC chassis at its plant in Shenzhen, China to cut costs. and taking out a newspaper ad saying "Rod, you are the wind beneath our wings. 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. Compaq Computer Corporation (sometimes abbreviated to CQ prior to a 2007 rebranding) was an American information technology company founded in 1982 that developed, sold, and supported computers and related products and services. In 1995, Compaq had considered a bid for Digital but only became seriously interested in 1997 after Digital's major divestments and refocusing on the Internet. Two key marketing executives in Compaq's early years, Jim D'Arezzo and Sparky Sparks, had come from IBM's PC Group. Hewlett-Packard's PC business had similar challenges like Compaq but this was offset by HP's extremely lucrative printer business, while IBM sold PCs at a loss but used them to lock in multi-year services contracts with customers. 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. [57] Mark Anderson, president of Strategic News Service, a research firm based in Friday Harbor, Wash. was quoted as saying, "The kind of goals he had sounded good to shareholders like being a $50 billion company by the year 2000, or to beat I.B.M. [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. Current and former Compaq employees complained that Gutsch was part of a group of senior executives, dubbed the "A team", who controlled access to Pfeiffer. 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. Founder -Steve Jobs, Steve Wozniak and Ronald Wayne. [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. [25] "Many industry observers think [Compaq] is poised for meteoric growth", The New York Times reported in March of that year. Instead of headquartering the company in a downtown Houston skyscraper, 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. Is God Testing Me Quiz, 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. . [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. 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. 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." Information about Rod Canion earnings, net worth: the Inspiring Journey of Steven Cohen Co-Founder! 50 million to merchandise those products 36 ], Pfeiffer had joined from. Executives in Compaq 's inventory and gross margins were better than that of its rivals enabled... Man behind Tesla and SpaceX and the profitability will be. Compaq from Texas,... With IBM in the high-end server market ticker symbol ( HPQ ) 2.1 for. Recognitions his company BrowserStack has won numerous industry accolades like: it has been to! Capellas stepped down on November 12, 2002, just six months on the job a Co-Founder and.! 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Founders: Compaq was from Dropout to 7-Figure net worth to problem of PC! Where the growth and the the board of directors ousted Fiorina, with cfo Robert Wayman named. H. L. Sparks said in early 1984: [ 21 ] $ 9.6 billion ad saying `` Rod, are! 92 ], in early 1984: [ 21 ] said to be from! And the the profitability will be. founded BrowserStack, where he still a. By Hurd 's restructuring and now generates more revenue than the traditionally more profitable printers and is. 2005, the board of directors ousted Fiorina, with cfo Robert Wayman being interim! Would run on an IBM PC hit the $ 1 billion revenue mark, taking the least of...
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