Two key marketing executives in Compaq's early years, Jim D'Arezzo and Sparky Sparks, had come from IBM's PC Group. Vice President of Sales and Service H. L. Sparks said in early 1984:[21]. 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. 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. 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. They also accumulated $1.7 billion in short-term debt around this time. You remove the freedom from the dealers to really merchandise when you bundle in software. [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. Particularly rival Dell made gains from defecting HP and Compaq customers who were wary of the merger. On one hand, Compaq had previously dominated the PC market with its price war but was now struggling against Dell, which sold directly to buyers, avoiding the dealer channel and its markup, and built each machine to order to keep inventories and costs at a minimum. Dell overtook Compaq and became the number-one supplier of PCs in 2001. It was projected to have $2.5 billion in annual cost savings by mid-2004. At the conclusion, the board was unanimous in picking Pfeiffer over Canion. Founder -Steve Jobs, Steve Wozniak and Ronald Wayne. 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. [113], In 2009, HP sold part of Compaq's former headquarters to the Lone Star College System. [81][82], Pfeiffer's permanent replacement was Michael Capellas, who had been serving as Compaq's SVP and CIO for under a year. "Mac" McLoughlin (another long time IBM executive) led the company's field sales organization after starting up the Western U.S. Area of Operations. In 1987, Compaq hit the $1 billion revenue mark, taking the least amount of time to reach that milestone. In 1998, he co-founded the company that eventually became PayPal. Continuing its expansion into networking, Compaq Computer yesterday agreed to pay about. [37][38] Pfeiffer, while transplanting Compaq's U.S. strategy of dealer-only distribution to Europe, was more selective in signing up dealers than Compaq had been in the U. S. such that European dealers were more qualified to handle its increasingly complex products. That's where the growth and the profitability will be." 12:00 AM, Apr. [17] In 1985, sales reached $504 million.[18]. compaq founders net worth. [120], HP discontinued the Compaq brand name in the United States in 2013. Support for the virtual 8086 mode was added by Compaq engineers. [39] [18] Digital Equipment, which had nearly twice as many employees as Compaq while generating half the revenue, had been a leading computer company during the 1970s and early 1980s. 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. Net worth Ritesh has a net worth of Rs 12,400 crore, as listed recently in the IIFL Weal Hurun India Rich List 2021. It was the second IBM PC compatible, being capable of running all software that would run on an IBM PC. 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. [91][92], Both companies had to seek approval from their shareholders through separate special meetings. Reid Hoffman co-founded LinkedIn in 2002 and sold it to Microsoft in 2016 for $27 billion. [6][7] The Compaq brand remained in use by HP for lower-end systems until 2013 when it was discontinued. BIO: Serial entrepreneur Blank took four companies public, has a net worth estimated at around $2.5 billion and is considered the dean of Silicon Valley. [36], Rosen initiated a 14-hour board meeting, and the directors also interviewed Pfeiffer for several hours without informing Canion. 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. March 13, 2006 12:47 p.m. PT. Michael Winkler, who joined Compaq in 1995 to run its portable computer division, was promoted to general manager of the new PC products group. [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. The PC unit had the lowest profit margin although it accounted for nearly a third of HP's overall revenues in 2010. [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. [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. Compaq Computer Corp's latest takeover target, San Jose, California-based NetWorth Inc, manufacturer of Fast Ethernet hubs, switches and related products, In return, NaviSite took Compaq as a preferred provider for its storage and Intel-based servers. [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. [21][22][23], Unlike other companies, Compaq did not bundle application software with its computers. 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? The software should stand on its merits and be supported and so should the hardware. 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. should look at everything Eckhard acquired and ask: did the customer benefit from that. 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 . 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. 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. [50] This acquisition instantly gave Compaq a presence in the higher end business computing market. [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." Hewlett Packard's PC business has since been reinvigorated by Hurd's restructuring and now generates more revenue than the traditionally more profitable printers. They also accumulated $1.7 billion in short-term debt around this time. Following the merger, all Compaq computers were shipped with HP software. On Nov. 4 in Houston, Compaq Computer Corporation co-founder and former CEO Rod Canion called a company meeting to order. American High School Fremont Yearbook, Digimon World Ds Farm Guide, [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. Binny Bansal, co-founder Flipkart. "[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. It was a commercial success, selling 53,000 units in its first year and generating $111 million in sales revenue. 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. Born in New York in 1953, he retired from a 21-year career in tech in 1999. . [15][16], During its first year of sales (second year of operation), the company sold 53,000 PCs for sales of $111 million, the first start-up to hit the $100 million mark that fast. 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. [36], Compaq had been producing the PC chassis at its plant in Shenzhen, China to cut costs. Queens Park Rangers F.C. [58][59], In early 1998, Compaq had the problem of bloated PC inventories. For nine years the company had lost money or barely broke even, and had recently refocused itself as a "network solutions company". [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. Written in partnership with Entrepreneurship Stories January 18, 2023. [16][29], By 1989, The New York Times wrote that being the first to release a 80386-based personal computer made Compaq the leader of the industry and "hurt no company more - in prestige as well as dollars - than" IBM. [117][118] In March 2012, the printing and imaging division was merged into the PC unit. 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 . 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. 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. [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. Elon Musk, of course, is the man behind Tesla and SpaceX and the. 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. but they didn't have anything to do with customers. Business partners . Mark Cuban: Box. 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. [87], 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. [52], In 1998, Compaq acquired Digital Equipment Corporation for a then-industry record of $9.6 billion. [39][40] An analyst stated that "Compaq has made a lot of tactical errors in the last year and a half. It was subsequently disclosed that HP had retained Deutsche Bank's investment banking division in January 2002 to assist in the merger. Binny Bansal has had a pretty spectacular year in April, he helmed India's biggest startup acquisition, when Flipkart was acquired by Walmart at a valuation of $21 billion. 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. 7,100 crore. Compaq originally competed directly against IBM, manufacturing computer systems equivalent with the IBM PC, as well as Apple Computer. [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. The new C.E.O. 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. However, the combined HP-Compaq struggled and fell to second place behind Dell from 2003 to 2006. [119] In Q2 2013, Forbes reported that Lenovo ranked ahead of HP as the world's number-one PC supplier. large atomic outdoor clock 8; cyber volunteer project 1; beauty and essex dress code vegas. Pfeiffer served through the 1990s. In 1986, it enjoyed record sales of $329 million from 150,000 PCs, and became the youngest-ever firm to make the Fortune 500. Compaq was founded in February 1982 by Rod Canion, Jim Harris, and Bill Murto, three senior managers from semiconductor manufacturer Texas Instruments. [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. Mat Best, the co-founder of the Black Rifle Coffee Company, is a former Army Ranger and CIA contractor. Jim Ratcliffe, 70, was born in Failsworth in Greater Manchester. That surge led to the company raising its net revenue projection from $3.7 billion to $5.4 billion. One of Compaq's few bright spots was its services business, which was outperforming HP's own services division. HP and Compaq announced a stock . Compaq was founded in February 1982 by Rod Canion, Jim Harris, and Bill Murto, three senior managers from semiconductor manufacturer Texas Instruments. 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", "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 - Businessweek, "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. 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