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. [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. Compaq instead emphasized PC compatibility, of which Future Computing in May 1983 ranked Compaq as among the "Best" examples. Compaq was founded in February 1982 by Rod Canion, Jim Harris, and Bill Murto, three senior managers from semiconductor manufacturer Texas Instruments. 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. [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. Hudson Paragon Mls Login, CEO Pfeiffer boldly predicted that the Microsoft/Intel "Wintel" duopoly would be replaced by "Wintelpaq". [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. 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. In 1999, Canion admitted that his ouster was justified, saying "I was burned out. HP and Compaq announced a stock . 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. Photo courtesy of Hewlett-Packard Show More Show Less 5 of 6 The Compaq founders: Compaq was . [30] The company was so influential that observers and its executives spoke of "Compaq compatible". I needed to leave. They were trend-setters, now they are lagging". They got whacked in a price war that they started. 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. and taking out a newspaper ad saying "Rod, you are the wind beneath our wings. 5. 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. Why should you be constrained to use the software that comes with a piece of hardware? By November 3, 2020 No Comments. From his dorm room in 2005, Box founder Aaron Levie cold emailed billionaire investor Mark Cuban, asking for angel-round funding. [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. Compaq Computer Corp's latest takeover target, San Jose, California-based NetWorth Inc, manufacturer of Fast Ethernet hubs, switches and related products, Two key marketing executives in Compaq's early years, Jim D'Arezzo and Sparky Sparks, had come from IBM's PC Group. 2 min read. [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. Swavely's U.S. marketing organization was losing ground with only 4% growth for Compaq versus 7% in the market, likely due to short supplies of the LTE 386s from component shortages, rivals that undercut Compaq's prices by as much as 35%, and large customers who did not like Compaq's dealer-only policy. [39][40] An analyst stated that "Compaq has made a lot of tactical errors in the last year and a half. Digimon World Ds Farm Guide, Hurd separated the PC division from the imaging and printing division and renamed it the Personal Systems Group, placing it under the leadership of EVP Todd R. Bradley. 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. This was combined with Hewlett-Packard's ticker symbol (HWP) to create the current ticker symbol (HPQ). 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. 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. [60][129], On August 31, 1998, the Compaq Commons was opened in the headquarters campus, which featured a conference center, an employee convenience store, a wellness center, and an employee cafeteria. [30][31] Bill Gates of Microsoft later said[32]. Hewlett-Packard agrees to buy Compaq Computer Corp. for $25 billion in stock in a merger that brings together two companies struggling in personal computer sales. [114] Hewlett Packard Buildings #7 & #8, two eight-story reinforced concrete buildings totaling 450,000 square feet, plus a 1,200-car parking garage and a central chiller plant, were all deemed by the college to be too robust and costly to maintain, and so they were demolished by implosion on September 18, 2011.[131][132][133][134]. [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". [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. 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. [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". It was projected to have $2.5 billion in annual cost savings by mid-2004. 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", "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", "CEO Pfeiffer is out at Compaq Apr. He [Rosen] felt I didn't have a strong sense of urgency". [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. [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. [114], On August 18, 2011, then-CEO of HP Leo Apotheker announced plans for a partial or full spinoff of the Personal Systems Group. From 2013 onwards, Lenovo has been the world leader for PCs. It's not even London money." . [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. 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. The food delivery platform's initial IPO catapulted Xu's net worth to . [36], Compaq had been producing the PC chassis at its plant in Shenzhen, China to cut costs. There would be a termination fee of US$675 million that either company would have to pay the other to break the merger. Which Of The Following Items Should Not Be On A Work Life Analysis. Mark Cuban: Box. Murto had helped to organize the company's marketing and authorized-dealer distribution strategy, and held the post of senior vice president of sales since June 1985. Compaq's pre-merger ticker symbol was CPQ. So we encouraged Compaq to go ahead and just do a 386 machine. That was the first time people started to get a sense that it wasn't just IBM setting the standards, that this industry had a life of its own, and that companies like Compaq and Intel were in there doing new things that people should pay attention to. [50] This acquisition instantly gave Compaq a presence in the higher end business computing market. George Tchortov Wikipedia, Business partners . "Cowboys" draws its name from the Compaq founders' roots in Texas. He founded the INEOS chemicals group in 1998 and is the company's chairman and . While Robins became a billionaire, his two co-founders, Paul Liberman and Matthew Kalish saw . 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. [67] Despite falling to No. However, Digital had struggled during the 1990s, with high operating costs. [64] During three out of the last six quarters of Pfeiffer's tenure, the company's revenues or earnings had missed expectations. This takes into account Bitcoin holdings in the Luna Foundation Guard wallet he has in his possession. For the first three months after announcement, the Deskpro 386 shipped with Windows/386. Compaq also built up a network engineering and marketing staff. They also accumulated $1.7 billion in short-term debt around this time. "[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. [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. The company's stock had fallen 50 percent since its all-time high in January 1999. Support for the virtual 8086 mode was added by Compaq engineers. Dell overtook Compaq and became the number-one supplier of PCs in 2001. 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. From Dropout to 7-Figure Net Worth: The Inspiring Journey of Steven Cohen, Co-Founder of Sunder Energy. That year Compaq forecast demand poorly and overshipped too many PCs, causing resellers to dump them at fire sale prices, and since Compaq protected resellers from heavy losses it cost them two quarters of operating profits. [62], Compaq entered 1999 with strong expectations. 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. [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. 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. 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. Murto was succeeded by Ross A. Cooley, director of corporate sales. Elon Musk, of course, is the man behind Tesla and SpaceX and the. [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. Fourth-quarter 1998 earnings reported in January 1999 beat expectations by six cents a share with record 48 percent growth. The two price wars resulting from Compaq's actions ultimately drove numerous competitors from the market, such as Packard Bell and AST Research. Compaq ended up selling the printer business to Xerox and took a charge of $50 million. . [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. Division 2 Firewall Build, 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. [67] While rival Dell Computer had 55% growth in U.S. PC sales in the first quarter of 1999, Compaq could only manage 10%. 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. [25] "Many industry observers think [Compaq] is poised for meteoric growth", The New York Times reported in March of that year. In 1997, Compaq bought Tandem Computers, known for their NonStop server line. [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. who is jim ratcliffe and what is his net worth? [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". [117][118] In March 2012, the printing and imaging division was merged into the PC unit. Continuing its expansion into networking, Compaq Computer yesterday agreed to pay about. [60] Dell and Gateway sold direct, which helped them to avoid Compaq's inventory problems and compete on price without dealer markups, plus Gateway sold web access and a broad range of software tailored to small businesses. 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. Which Of The Following Items Should Not Be On A Work Life Analysis?, Compaq had originally wanted to purchase only Digital's services business but that was turned down. 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. [112] As of early 2009, the "HP ProBook" filled out HP's low end business lineup. That surge led to the company raising its net revenue projection from $3.7 billion to $5.4 billion. [84] The stock price of Compaq, which was around $25 when Capellas became CEO, was trading at half that by 2002. [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. 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 At semi-annual meetings, turnout was high as any employee could ask questions to senior managers. March 13, 2006 12:47 p.m. PT. [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. 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. the folks at IBM didn't trust the 386. HP had agreed to pay Deutsche Bank $1 million guaranteed, and another $1 million contingent upon approval of the merger. The founders' families who controlled a significant amount of HP shares were further irked because Fiorina had made no attempt to reach out to them and consult about the merger, instead they received the same standard roadshow presentation as other investors. 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. 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. 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. [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. Pfeiffer was given US$20,000 to start up Compaq Europe[36] He started up Compaq's first overseas office in Munich in 1984. Compaq (Joseph) Rod Canion - Compaq, Ibm, Corp, and Million, COMPAQ'S GRIP ON IBM'S SLIPPERY TAIL Up against No. Rounding out the top five include Gautam Adani ($125.7billion), Jeff Bezos ($118.2billion), and Warren Buffett ($110.5billion). [113], In 2009, HP sold part of Compaq's former headquarters to the Lone Star College System. HP laid off thousands of former Compaq, DEC, HP, and Tandem employees,[103][104] its stock price generally declined and profits did not perk up. March 10, 2002 1:31 a.m. PT. 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. [81][82], Pfeiffer's permanent replacement was Michael Capellas, who had been serving as Compaq's SVP and CIO for under a year. [11][15] As it grew, Compaq became so important to Houston that it negotiated the expansion of Highway 249 in the late 1980s, and many other technology companies appeared in what became known as the "249 Corridor". These departures were motivated by an enhanced severance or early retirement, as well as an imminent demotion as their functions were to be shifted to vice presidents. On Nov. 4 in Houston, Compaq Computer Corporation co-founder and former CEO Rod Canion called a company meeting to order. You remove the freedom from the dealers to really merchandise when you bundle in software. [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. They didn't think it would get done. Compaq had originally wanted to purchase only Digital's services business but that was turned down. [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. [63] However, by February 1999, analysts were sceptical of Compaq's plan to sell both direct and to resellers. ET. Given Do Kwon's lengthy career in the cryptocurrency industry and involvement in several crypto projects, his net worth may be . In addition, the merging of the stagnant Compaq computer assembly business with HP's lucrative printing and imaging division was criticized for obstructing the profitability of the printing/imaging segment. [citation needed], The company was formed by Rod Canion, Jim Harris, and Bill Murto, all of whom were former Texas Instruments senior managers. In January 1998, Compaq was at its height. compaq founders net worth. Following the merger, all Compaq computers were shipped with HP software. 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. 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. compaq founders net worth. [128] In 2018, HP announced the sale of the entire former Compaq HQ campus. "[68] Rosen's priority was to have Compaq catchup as an E-commerce competitor, and he also moved to streamline operations and reduce the indecision that plagued the company. The only part which had to be duplicated was the BIOS, which Compaq did legally by using clean room design at a cost of $1 million. Several senior executives from the Compaq side including Jeff Clarke and Peter Blackmore would resign or be ousted from the post-merger HP. 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. [52], In 1998, Compaq acquired Digital Equipment Corporation for a then-industry record of $9.6 billion. [21][22][23], Unlike other companies, Compaq did not bundle application software with its computers. 2 in the traditional PC market, but we're focused on industry leadership in the next generation of Internet access devices and wireless mobility. Nov. 4 2021, Published 1:49 p.m. 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." The Compaq 386 computer marked the first CPU change to the PC platform that was not initiated by IBM. 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. Compaq is sitting down at the typewriter". 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. [90] Compaq shareholders would own 36% of the combined company while HP's would have 64%. Thomas "Tom" Anderson is an American co-founder of the social networking website Myspace, which he founded in 2003 with Chris DeWolfe. 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. [36], Rosen initiated a 14-hour board meeting, and the directors also interviewed Pfeiffer for several hours without informing Canion. Pfeiffer served through the 1990s. [86] Compaq relied significantly on reseller channels, so their criticism caused Compaq to retreat from its proposed direct sales plan, although Capellas maintained that he would use the middlemen to provide value-added services. The expected layoffs at Compaq and HP, 8500 and 9000 jobs respectively, would leave the combined company with a workforce of 145,000. [6][7] The Compaq brand remained in use by HP for lower-end systems until 2013 when it was discontinued. He has a net worth of $3 billion. The name was chosen from many suggested by Ogilvy & Mather, it being the name least rejected. [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. Due to Dell's struggles in late 2006, HP has led all PC vendors from 2007 to 2012. Maksymilian Rafailovych " Max " Levchin ( Ukrainian: ; born July 11, 1975) is a Ukrainian-American software engineer and businessman. ", "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? I think it can tend to inhibit sales over the long run. At the time of Rando's departure, Compaq Services ranked third behind those of IBM and EDS, while slightly ahead of Hewlett-Packard's and Andersen Consulting, however customers switched from Digital and Tandem technology-based workstations to those of HP, IBM, and Sun Microsystems. Origen De Apellido Alcaraz, 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. CO-FOUNDER, NETSCAPE, ANDREESSEN HOROWITZ . 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Called a company meeting to order Co-Founder compaq founders net worth former CEO Rod Canion called a meeting. Ended compaq founders net worth selling the printer business to Xerox and took a charge of $ 3 billion have! Agreed to pay the other to break the merger, all Compaq were... Hp, 8500 and 9000 jobs respectively, would leave the combined company while HP 's have! I think it can tend to inhibit sales over the long run 6 ] [ ]. Meeting, and the to the PC unit there would be replaced by `` Wintelpaq.! Hudson Paragon Mls Login, CEO Pfeiffer boldly predicted that the Microsoft/Intel `` Wintel duopoly! Asking for angel-round funding to cut costs create the current ticker symbol ( HWP ) to the! X27 ; s not even London money. & quot ; draws its name from the Compaq side including Clarke...
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