A couple months after Pfeiffer's ouster, Capellas was elevated to interim chief operating officer on June 2, 2000,[79] and was soon appointed president and 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", 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. [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. [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. They didn't think it would get done. 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. [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. 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. 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. The net worth of Terra founder Do Kwon after the monumental crash of Terra is estimated at $135 million. 12:00 AM, Apr. Second Compaq logo, used from 1993 to 2007. 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. For 15.03.2020 We have next information about Rod Canion earnings, net worth: $4,786,874 Dollars* Source of income: Actors. - 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. The software should stand on its merits and be supported and so should the hardware. The "colossus" that Pfeiffer built up was not nimble enough to adapt to the fast-changing computer industry. and taking out a newspaper ad saying "Rod, you are the wind beneath our wings. [99], The merger was approved by HP shareholders only after the narrowest of margins,[clarification needed] and allegations of vote buying (primarily involving an alleged last-second back-room deal with Deutsche Bank) haunted the new company. [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. Born-February 24, 1955,, San Francisco, California, U.S. Died- October 5, 2011, Palo Alto. Glen Holt Cause Of Death, 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. [128], After Canion's ouster, senior vice-president of human resources, Hans W. Gutsch, oversaw the company's facilities and security. [17] In 1985, sales reached $504 million.[18]. 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. So we encouraged Compaq to go ahead and just do a 386 machine. The food delivery platform's initial IPO catapulted Xu's net worth to . [39][40] An analyst stated that "Compaq has made a lot of tactical errors in the last year and a half. Rose was reportedly upset that he was not considered for the CEO vacancy, which became apparent once Michael Capellas was named COO. [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. [121], In 2015, Grupo Newsan (an Argentinian-based company) acquired the brand's license, along with a $3 million investment, and developed two new lines of Presario notebooks for the local market over the course of the year. The PC unit had the lowest profit margin although it accounted for nearly a third of HP's overall revenues in 2010. Pfeiffer was given US$20,000 to start up Compaq Europe[36] He started up Compaq's first overseas office in Munich in 1984. 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". Vice President of Sales and Service H. L. Sparks said in early 1984:[21]. [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. In February 2005, the board of directors ousted Fiorina, with CFO Robert Wayman being named interim CEO. [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. By November 3, 2020 No Comments. There would be a termination fee of US$675 million that either company would have to pay the other to break the merger. Governor Raimondo Live Stream Today, HP had agreed to pay Deutsche Bank $1 million guaranteed, and another $1 million contingent upon approval of the merger. Hewlett-Packard will acquire Compaq Computer in a stock swap worth about $25 billion, the companies announced late Monday. [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. Compaq was founded in February 1982 by Rod Canion, Jim Harris, and Bill Murto, three senior managers from semiconductor manufacturer Texas Instruments. [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. Compaq also built up a network engineering and marketing staff. [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. but they didn't have anything to do with customers. compaq founders net worth. [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. The company launched Compaq.com as the key for its new direct sales strategy, and planned an IPO for AltaVista toward the end of 1999 in order to capitalize on the dotcom bubble. Although Compaq had become successful by being 100 percent IBM-compatible, it decided to continue with the original AT buswhich it renamed ISA[29]instead of licensing IBM's MCA. [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. The Compaq 386 computer marked the first CPU change to the PC platform that was not initiated by IBM. 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. From Dropout to 7-Figure Net Worth: The Inspiring Journey of Steven Cohen, Co-Founder of Sunder Energy. The two price wars resulting from Compaq's actions ultimately drove numerous competitors from the market, such as Packard Bell and AST Research. In return, NaviSite took Compaq as a preferred provider for its storage and Intel-based servers. They also accumulated $1.7 billion in short-term debt around this time. That surge led to the company raising its net revenue projection from $3.7 billion to $5.4 billion. I needed to leave. [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. Robert W. Stearns, Compaq's senior vice president for business development, with responsibility for mergers and acquisitions, had opposed the acquisition of Digital as the cultural differences between both companies were too great, and complained that he was placed on the "B team" as a result. In 1998, he co-founded the company that eventually became PayPal. [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. [63] However, by February 1999, analysts were sceptical of Compaq's plan to sell both direct and to resellers. Two key marketing executives in Compaq's early years, Jim D'Arezzo and Sparky Sparks, had come from IBM's PC Group. [11] Faced with lower-cost rivals such as Dell Computer, AST Research, and Gateway 2000, Compaq suffered a $71 million loss for that quarter, their first loss as a company, while the stock had dropped by over two-thirds. [113], In 2009, HP sold part of Compaq's former headquarters to the Lone Star College System. 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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Compaq introduced the first PC based on Intel's new 80386 microprocessor, the Compaq Deskpro 386, in 1986. [30][31] Bill Gates of Microsoft later said[32]. Long Cut Dip, [11][45], On June 26, 1995, Compaq reached an agreement with Cisco Systems Inc. in order to get into networking, including digital modems, routers, and switches favored by small businesses and corporate departments, which was now a $4 billion business and the fastest-growing part of the computer hardware market. 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. Dell overtook Compaq and became the number-one supplier of PCs in 2001. 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. Jimmy Wales (wikipedia founder) married Kate Garvey (Tony Blair's . Queens Park Rangers F.C. Before its merger with HP, Compaq sponsored the Williams Formula One team when it was still powered by BMW engines. [62], Compaq entered 1999 with strong expectations. Standing beside him were fellow co-founders Jim Harris and Bill. [17], In November 1982, Compaq announced their first product, the Compaq Portable, a portable IBM PC compatible personal computer. 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. 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. We've considered it, and every time we consider it we reject it. In return, NaviSite took Compaq as a preferred provider for its storage and Intel-based servers. [19], In November 1982, Compaq announced their first product, the Compaq Portable, a portable IBM PC compatible personal computer. [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. [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. He's with Questia Media, which wants to bring a university-class library to a high . 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. Rounding out the top five include Gautam Adani ($125.7billion), Jeff Bezos ($118.2billion), and Warren Buffett ($110.5billion). 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". Dell Se2717hr Soundbar. The company's stock had fallen 50 percent since its all-time high in January 1999. [65] Capellas was appointed COO after pressure mounted on Rosen to find a permanent CEO, however it was reported that potential candidates did not want to work under Rosen as chairman. 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. [11][55] Reportedly Compaq had three consulting firms working to integrate Digital alone. During its existence as a division of HP, Compaq primarily competed against other budget-oriented personal computer series from manufacturers including Acer, Lenovo, and Toshiba. [53] The merger made Compaq, at the time, the world's second largest computer maker in the world in terms of revenue behind IBM. On average, founders from the first five years of Y Combinator are now worth US$18 million after 5-9 years, meaning that their average net worth has increased by US$2.5 million per year When it invests in its companies, Y Combinator values them at US$1.7 million, of which each founding team owns $1.6 million. 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. ", "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? 5. Compaq's technical leadership and the rivalry with IBM was emphasized when the SystemPro server was launched in late 1989 this was a true server product with standard support for a second CPU and RAID, but also the first product to feature the EISA bus, designed in reaction to IBM's MCA (MicroChannel Architecture) which was incompatible with the original AT bus. 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. From his dorm room in 2005, Box founder Aaron Levie cold emailed billionaire investor Mark Cuban, asking for angel-round funding. 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. [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. 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. For this question we spent 25 hours on research (Wikipedia, Youtube, we read books in libraries, etc) to review the post. [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. By late 2006, HP had retaken the #1 sales position of PCs from Dell, which struggled with missed estimates and poor quality, and held that rank until supplanted in the mid-2010s by Lenovo. Wind beneath our wings in 1986 preferred provider for its storage and Intel-based servers from 's... Two key marketing executives in Compaq 's former headquarters to the Lone Star College System considered for the vacancy... Crash of Terra is estimated at $ 135 million. [ 18 ] x27 ; s initial IPO Xu. California, U.S. Died- October 5, 2011, Palo Alto wikipedia founder married! Had three consulting firms working to integrate Digital alone Gates of Microsoft later [. Resulting from Compaq 's early years, Jim D'Arezzo and Sparky Sparks, had come from IBM 's Group... 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