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. [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. 2000 Seadoo Xp Specs, [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. 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. Most of Compaq's competitors except Dell were later acquired by bigger rivals like Acer (Gateway 2000 and Packard Bell) and Lenovo absorbing IBM's PC division. [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. The New York Times claimed that your net worth is $1m, which it said "isn't Silicon Valley money. It was Compaq's first non-portable computer and began the Deskpro line of computers. As of January2013[update], the site is one of HP's largest campuses, with 7,000 employees in all six of HP's divisions. [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". [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. [81][82], Pfeiffer's permanent replacement was Michael Capellas, who had been serving as Compaq's SVP and CIO for under a year. At the time of the acquisition, services accounted for 45 percent of Digital's revenues (about $6 billion) and their gross margins on services averaged 34 percent, considerably higher than Compaq's 25% margins on PC sales and also satisfying customers who had demanded more services from Compaq for years. [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. As Canion was popular with company workers, 150 employees staged an impromptu protest with signs stating "We love you, Rod." Compaq's pre-merger ticker symbol was CPQ. for the 199495 and 199596 seasons. 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. 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", "Eckhard's Gone But the PC Rocks On Compaq's CEO blames his ouster on a savagely competitive industry. Dell overtook Compaq and became the number-one supplier of PCs in 2001. In January 1998, Compaq was at its height. 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. It was the second IBM PC compatible, being capable of running all software that would run on an IBM PC. In September 2020, Forbes assessed Milton's net worth to be at least $3.2 billion, as he owned about 25% of the company, which was valued at about $12.4 billion. In 1981, when soon-to-be Compaq Computer Corp. co-founder Joseph R. "Rod" Canion sketched out a plan for a portable IBM-compatible PC clone on a napkin in a Houston pie shop, he knew he was onto . George Tchortov Wikipedia, [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. [39], Compaq had been producing the PC chassis at its plant in Shenzhen, China to cut costs. Reid Hoffman co-founded LinkedIn in 2002 and sold it to Microsoft in 2016 for $27 billion. He has a net worth of $3 billion. If you have a new more reliable information about net worth, earnings, please, fill out the form below. [119] In Q2 2013, Forbes reported that Lenovo ranked ahead of HP as the world's number-one PC supplier. Thomas "Tom" Anderson is an American co-founder of the social networking website Myspace, which he founded in 2003 with Chris DeWolfe. [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]. 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. The "colossus" that Pfeiffer built up was not nimble enough to adapt to the fast-changing computer industry. Maksymilian Rafailovych " Max " Levchin ( Ukrainian: ; born July 11, 1975) is a Ukrainian-American software engineer and businessman. Ben Rosen provided the venture capital financing for the fledgling company and served as chairman of the board for 17 years from 1983 until September 28, 2000, when he retired and was succeeded by Michael Capellas, who served as the last chairman and CEO until its merger with HP. matt busbice wife martin matte conjointe vicky to the yankee poem meaning 23u fastpitch softball teams near me. [46] John T. Rose, who previously ran Compaq's desktop PC division, took over the corporate server business from SVP Gary Stimac who had resigned. [citation needed]. Two weeks after Canion's ouster, five other senior executives resigned, including remaining company founder James Harris as SVP of Engineering. [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. 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. [90] Compaq shareholders would own 36% of the combined company while HP's would have 64%. 2 min read. Rivkin, Jan W., and Porter, Michael E. Matching Dell, Harvard Business School Case 9-799-158, June 6, 1999. [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). 12:00 AM, Apr. Pfeiffer served through the 1990s. [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. It was a commercial success, selling 53,000 units in its first year and generating $111 million in sales revenue. It is perceived by a lot of people as a marketing gimmick. [53] The merger made Compaq, at the time, the world's second largest computer maker in the world in terms of revenue behind IBM. [1] He was named as one of Time 's "Cyber Elite Top 50" for 1998. The company's stock had fallen 50 percent since its all-time high in January 1999. Getty Images for Fast Company Nine years after its founding, real estate brokerage Compass went public on Thursday, minting a huge windfall for the company's investors and employees. [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. [56] At the same time, Compaq, through its acquisitions of the Digital Equipment Corporation last year and Tandem Computer in 1997, had tried to become a major systems company, like IBM and Hewlett-Packard. In return, NaviSite took Compaq as a preferred provider for its storage and Intel-based servers. However, Pfeiffer saw that the prospects of taking on market leader Hewlett Packard (who had 60% market share) was tough, as that would force Compaq to devote more funds and people to that project than originally budgeted. Who Is Eric And Monica On Selling Yachts, [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. Two key marketing executives in Compaq's early years, Jim D'Arezzo and Sparky Sparks, had come from IBM's PC Group. Keiren Westwood Wife, [21][22][23], Unlike other companies, Compaq did not bundle application software with its computers. Plus there were significant cultural differences between HP and Compaq; which made decisions by consensus and rapid autocratic styles, respectively. 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. 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