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. [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. 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. [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. [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. [34] Pfeiffer became president and CEO of Compaq later that year, as a result of a boardroom coup led by board chairman Ben Rosen that forced co-founder Rod Canion to resign as president and CEO. Vice President of Sales and Service H. L. Sparks said in early 1984:[24]. 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. Given Do Kwon's lengthy career in the cryptocurrency industry and involvement in several crypto projects, his net worth may be . Compaq had originally wanted to purchase only Digital's services business but that was turned down. The Reliant Movie Cast, In 1987, Compaq hit the $1 billion revenue mark, taking the least amount of time to reach that milestone. Nra Knife 2019, Following the merger, all Compaq computers were shipped with HP software. You remove the freedom from the dealers to really merchandise when you bundle in software. Division 2 Firewall Build, [citation needed], The company was formed by Rod Canion, Jim Harris, and Bill Murto, all of whom were former Texas Instruments senior managers. For this question we spent 25 hours on research (Wikipedia, Youtube, we read books in libraries, etc) to review the post. As Canion was popular with company workers, 150 employees staged an impromptu protest with signs stating "We love you, Rod." 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 . [2][3] It rose to become the largest supplier of PC systems during the 1990s before being overtaken by Dell in 2001. Before its merger with HP, Compaq sponsored the Williams Formula One team when it was still powered by BMW engines. [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. [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. 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. [76] Rose was succeeded by SVP Enrico Pesatori, who had previously worked as a senior executive at Olivetti, Zenith Data Systems, Digital Equipment Corp. and Tandem Computers. At the conclusion, the board was unanimous in picking Pfeiffer over Canion. Compaq had originally wanted to purchase only Digital's services business but that was turned down. [citation needed]. Beaumont, Tx Mugshots, Queens Park Rangers F.C. [114], On August 18, 2011, then-CEO of HP Leo Apotheker announced plans for a partial or full spinoff of the Personal Systems Group. Capellas' former role of president was not filled as the executives who reported to him then reported directly to the CEO. 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. but they didn't have anything to do with customers. Eckhard Pfeiffer (born August 20, 1941, in Lauban, Germany [now Lubla, Poland ]) is a businessman of German ancestry, who served as president and CEO of Compaq from 1991 to 1999. Compaq was able to market a legal IBM clone because IBM mostly used "off the shelf" parts for their PC. It was considerably faster than an IBM PC and was, like the original Compaq Portable, also capable of running IBM software. "Mac" McLoughlin (another long time IBM executive) led the company's field sales organization after starting up the Western U.S. Area of Operations. 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. the folks at IBM didn't trust the 386. Trevor Eve Net Worth, 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. Hewlett Packard's PC business has since been reinvigorated by Hurd's restructuring and now generates more revenue than the traditionally more profitable printers. By November 3, 2020 No Comments. 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. [85], In 2002, Compaq signed a merger agreement with Hewlett-Packard for $24.2 billion,[86] including $14.45 billion for goodwill, where each Compaq share would be exchanged for 0.6325 of a Hewlett-Packard share. 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. It was projected to have $2.5 billion in annual cost savings by mid-2004. The expected layoffs at Compaq and HP, 8500 and 9000 jobs respectively, would leave the combined company with a workforce of 145,000. 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? [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. 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. 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". [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". 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. [54], After Pfeiffer's resignation, the board established an office of the CEO with a triumvirate of directors; Rosen as interim CEO and vice chairmen Frank P. Doyle and Robert Ted Enloe III. 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". [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. HP's business computers line was discontinued in favour of the Compaq Evo line, which was rebranded HP Compaq. 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. 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[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. Plus there were significant cultural differences between HP and Compaq; which made decisions by consensus and rapid autocratic styles, respectively. Mixed Alphabet Cipher, Birdman Face Reveal, White, who joined the company in January, 1983 resigned in May, 1996 after 8 years as CFO. Two key marketing executives in Compaq's early years, Jim D'Arezzo and Sparky Sparks, had come from IBM's PC Group. [39][44], Compaq had decided to make a foray into printers in 1989, and the first models were released to positive reviews in 1992. [90] Compaq shareholders would own 36% of the combined company while HP's would have 64%. Around that same year, Globalk (a Brazilian-based retailer and licensing management firm) started a partnership with HP to re-introduce the brand with a new line of desktop and laptop computers. [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. However, the HP EliteBook line became the top of the business notebook lineup while the HP Compaq B series became its middle business line. 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. [10], 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. Compaq's pre-merger ticker symbol was CPQ. [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. The first Compaq PC was sketched out on a placemat by Ted Papajohn while dining with the founders in a pie shop,[11][13] (named House of Pies in Houston). should look at everything Eckhard acquired and ask: did the customer benefit from that. "[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. Mat Best, the co-founder of the Black Rifle Coffee Company, is a former Army Ranger and CIA contractor. 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. [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. Continuing its expansion into networking, Compaq Computer yesterday agreed to pay about. [128], After Canion's ouster, senior vice-president of human resources, Hans W. Gutsch, oversaw the company's facilities and security. 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. [11][41] It was also believed[by whom?] 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." Dell Se2717hr Soundbar. CEO Pfeiffer boldly predicted that the Microsoft/Intel "Wintel" duopoly would be replaced by "Wintelpaq". 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. [63] Around the same time Pesatori was placed in charge of the newly created Enterprise Solutions and Services Group, making him Compaq's second most powerful executive in operational responsibility after Capellas. Message Pour Une Personne Inspirante, [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. 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Long Cut Dip, Eckhard Pfeiffer, then president of Compaq International, was named to succeed him. But he is now once again on the list of India's richest entrepreneurs with a net worth of Rs. Credit: Courtesy of FilmRise Courtesy of FilmRise Show More Show Less 2 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. [54], Pfeiffer also refused to develop a potential successor, rebuffing Rosen's suggestion to recruit a few executives to create the separate position of Compaq president. [90] While supporters of the merger argued that there would be economies of scale and that the sales of PCs would drive sales of printers and cameras, Walter Hewlett was convinced that PCs were a low-margin but risky business that would not contribute and would likely dilute the old HP's traditionally profitable Imaging and Printing division. [citation needed]. 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. [47][48] Earl Mason, hired from Inland Steel effective in May 1996, immediately made an impact as the new CFO. 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. 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 [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. [21][22][23], Unlike other companies, Compaq did not bundle application software with its computers. Several senior executives from the Compaq side including Jeff Clarke and Peter Blackmore would resign or be ousted from the post-merger HP. [6][7] The Compaq brand remained in use by HP for lower-end systems until 2013 when it was discontinued. Compaq Computer Corp's latest takeover target, San Jose, California-based NetWorth Inc, manufacturer of Fast Ethernet hubs, switches and related products, There would be a termination fee of US$675 million that either company would have to pay the other to break the merger. kyle chandler dripping springs; best doctor for fillers in chicago. 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. The company's stock had fallen 50 percent since its all-time high in January 1999. This allowed Compaq to compete in the "big-iron market" without incurring the costs of running its own services or software businesses.[49]. Full name and cofounder of Apple Computer -Steve Jobs, in full Steven Paul Jobs. Binny Bansal, co-founder Flipkart. [130], In 2009, HP sold part of Compaq's former headquarters to the Lone Star College System. However, the combined HP-Compaq struggled and fell to second place behind Dell from 2003 to 2006. [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. 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. Rose had joined Compaq in 1993 from Digital Equipment Corporation where he oversaw the personal computer division and worldwide engineering, while Stimac had been with Compaq since 1982 and was one of the longest-serving executives. 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. HP and Compaq announced a stock . [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. The board complained that Pfeiffer was too removed from management and the rank-and-file, as he surrounded himself with a "clique" of Chief Financial Officer Earl Mason, Senior Vice-President John T. Rose, and Senior Vice-President of Human Resources Hans Gutsch. compaq founders net worth. In return, NaviSite took Compaq as a preferred provider for its storage and Intel-based servers. Which Of The Following Items Should Not Be On A Work Life Analysis?, Chase Quickpay With Zelle Limit, The name was chosen from many suggested by Ogilvy & Mather, it being the name least rejected. [80] Rose was succeeded by SVP Enrico Pesatori, who had previously worked as a senior executive at Olivetti, Zenith Data Systems, Digital Equipment Corp. and Tandem Computers. Origen De Apellido Alcaraz, [117][118] In March 2012, the printing and imaging division was merged into the PC unit. Fourth-quarter 1998 earnings reported in January 1999 beat expectations by six cents a share with record 48 percent growth. [54] When the announcement was made, it was initially viewed as a master stroke as it immediately gave Compaq a 22,000 person global service operation to help corporations handle major technological purchases (by 2001 services made up over 20% of Compaq's revenues, largely due to the Digital employees inherited from the merger), in order to compete with IBM. Standing beside him were fellow co-founders Jim Harris and Bill. "[15] Canion declined an offer to remain on Compaq's board[38] and was bitter about his ouster as he didn't speak to Rosen for years, although their relationship became cordial again. The soft-spoken Canion was popular with employees and the culture that he built helped Compaq to attract the best talent. 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. 12:00 AM, Apr. 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