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. By summer 1998, Compaq was suffering from product-quality problems. 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. In order to maintain the prices it wanted, Compaq became the first first-tier computer manufacturer to utilize CPUs from AMD and Cyrix. [1] He was named as one of Time 's "Cyber Elite Top 50" for 1998. Particularly rival Dell made gains from defecting HP and Compaq customers who were wary of the merger. The three co-founders received backing from venture capitalist Benjamin M. Rosen, who became chairman of the board of Compaq.During Canion', s tenure as Compaq', s CEO, the company set records for the largest first-year sales in the history of American business and reached the Fortune 500 and the $1 billion revenue mark faster than any other . At the time of their 2002 merger, Compaq and HP were the second and third largest PC manufacturers, so their combination made them number one. [52], In 1998, Compaq acquired Digital Equipment Corporation for a then-industry record of $9.6 billion. 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. 3 of 6 4 of 6 The PIE shop: Compaq traces its origin to a place mat in this Houston pie shop in 1982. [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". [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. 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. In 1997, Compaq bought Tandem Computers, known for their NonStop server line. This was combined with Hewlett-Packard's ticker symbol (HWP) to create the current ticker symbol (HPQ). Murto (SVP of sales) departed Compaq in 1987, while Canion (president and CEO) and Harris (SVP of engineering) left under a shakeup in 1991, which saw Eckhard Pfeiffer appointed president and CEO. Nov. 4 2021, Published 1:49 p.m. 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. Two key marketing executives in Compaq's early years, Jim D'Arezzo and Sparky Sparks, had come from IBM's PC Group. [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". [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". CARLSBAD, Calif.--Ever wonder where Compaq founder Rod Canion is? The company's net worth is the value of the assets after paying off its liabilities like debt. and taking out a newspaper ad saying "Rod, you are the wind beneath our wings. which was purchased by Compaq in 1999 for $307 million, and X . After the election, there could be greater federal support for this research. Startups are fast-paced, always working on new initiatives. 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? Mark Cuban: Box. Born in New York in 1953, he retired from a 21-year career in tech in 1999. . [31], During the 1980s, under Canion's direction Compaq had focused on engineering, research, and quality control, producing high-end, high-performance machines with high profit margins that allowed Compaq to continue investing in engineering and next-generation technology. [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. [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. compaq founders net worth. Compaq was founded in February 1982 by Rod Canion, Jim Harris, and Bill Murto, three senior managers from semiconductor manufacturer Texas Instruments. Senior Vice-president for North America Ross Cooley announced his resignation effective at the end of 1996. [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. [39][40] An analyst stated that "Compaq has made a lot of tactical errors in the last year and a half. Mixed Alphabet Cipher, Pink Flamingos Chicken, 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. 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. for the 199495 and 199596 seasons. On Nov. 4 in Houston, Compaq Computer Corporation co-founder and former CEO Rod Canion called a company meeting to order. [citation needed]. 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. Rod Canion, Jim Harris and Bill Murto were three engineers at Texas Instruments when they decided to branch out on their own in 1983. 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. Eckhard Pfeiffer, then president of Compaq International, was named to succeed him. 2000 Seadoo Xp Specs, HP's Jornada PDAs were replaced by Compaq iPAQ PDAs, which were renamed HP iPAQ. 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. He's with Questia Media, which wants to bring a university-class library to a high . It was the second IBM PC compatible, being capable of running all software that would run on an IBM PC. 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. Due to Dell's struggles in late 2006, HP has led all PC vendors from 2007 to 2012. [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. It was released in March 1983 at $2,995. [128] In 2018, HP announced the sale of the entire former Compaq HQ campus. 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". [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. That surge led to the company raising its net revenue projection from $3.7 billion to $5.4 billion. [6][7] The Compaq brand remained in use by HP for lower-end systems until 2013 when it was discontinued. But other PC makers are fine", "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", "Compaq Computer Corporation - Class Action Case 98CV01148 - Securities Class Action Complaint", "CEO Pfeiffer is out at Compaq Apr. 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. [88][96] David W. Packard in his opposition to the deal "[cited] massive layoffs as an example of this departure from HPs core values[arguing] that although the founders never guaranteed job security, 'Bill and Dave never developed a premeditated business strategy that treated HP employees as expendable.'" However, the HP EliteBook line became the top of the business notebook lineup while the HP Compaq B series became its middle business line. [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. Trevor Eve Net Worth, 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. In February 2005, the board of directors ousted Fiorina, with CFO Robert Wayman being named interim CEO. 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