compaq founders net worth

Compaq had originally wanted to purchase only Digital's services business but that was turned down. Compaq went public in 1983 on the NYSE and raised $67 million. Two key marketing executives in Compaq's early years, Jim D'Arezzo and Sparky Sparks, had come from IBM's PC Group. Reportedly, at the special board meeting held on April 15, 1999, the directors were unanimous in dismissing Pfeiffer. Plus there were significant cultural differences between HP and Compaq; which made decisions by consensus and rapid autocratic styles, respectively. The "Compaq" name from its "HP Compaq" series was originally used for all of HP's business and budget notebooks. [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. [85], In 2002, Compaq signed a merger agreement with Hewlett-Packard for $24.2 billion,[86] including $14.45 billion for goodwill, where each Compaq share would be exchanged for 0.6325 of a Hewlett-Packard share. 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. The net worth of Terra founder Do Kwon after the monumental crash of Terra is estimated at $135 million. 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? [citation needed]. Compaq sponsored Queens Park Rangers F.C. That surge led to the company raising its net revenue projection from $3.7 billion to $5.4 billion. [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. 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. Awards and recognitions His company BrowserStack has won numerous industry accolades like: It has been named to Forbes 2021 Cloud 100. [19], In November 1982, Compaq announced their first product, the Compaq Portable, a portable IBM PC compatible personal computer. In 1999, Canion admitted that his ouster was justified, saying "I was burned out. 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. Queens Park Rangers F.C. Anderson is popularly known as "Tom from Myspace" because until 2010 he would automatically be assigned as the first . 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 . Written in partnership with Entrepreneurship Stories January 18, 2023. [128] In 2018, HP announced the sale of the entire former Compaq HQ campus. 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. Minor acquisitions centered around building a networking arm and included NetWorth (1998) based in Irving, Texas and Thomas-Conrad (1998) based in Austin, Texas. Rose was reportedly upset that he was not considered for the CEO vacancy, which became apparent once Michael Capellas was named COO. Current and former Compaq employees complained that Gutsch was part of a group of senior executives, dubbed the "A team", who controlled access to Pfeiffer. If you have a new more reliable information about net worth, earnings, please, fill out the form below. 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. 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. 7,100 crore. They didn't think it would get done. HP's business computers line was discontinued in favour of the Compaq Evo line, which was rebranded HP Compaq. [76][69][77][78] Rose, senior vice president and general manager of Compaq's Enterprise Computing group, resigned effective as of June 3 and was succeeded by Tandem veteran Enrico Pesatori. [64] During three out of the last six quarters of Pfeiffer's tenure, the company's revenues or earnings had missed expectations. They got whacked in a price war that they started. 2 min read. [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. Beethoven Piano Pdf, It was considerably faster than an IBM PC and was, like the original Compaq Portable, also capable of running IBM software. [30][31] Bill Gates of Microsoft later said[32]. Startups are fast-paced, always working on new initiatives. It was the second IBM PC compatible, being capable of running all software that would run on an IBM PC. 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. The name was chosen from many suggested by Ogilvy & Mather, it being the name least rejected. We love you. [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. In the United States, Brendan A. - 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. Second Compaq logo, used from 1993 to 2007. Company Date- In year 1976. As Canion was popular with company workers, 150 employees staged an impromptu protest with signs stating "We love you, Rod." Compaq had originally wanted to purchase only Digital's services business but that was turned down. 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. [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". [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. Reid Hoffman co-founded LinkedIn in 2002 and sold it to Microsoft in 2016 for $27 billion. Rando's division had performed strongly as it had sales of $1.6 billion for the first quarter compared to $113 million in 1998, which met expectations and was anticipated to post accelerated and profitable growth going forward. George Tchortov Wikipedia, [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". Business partners . Rando, senior vice president and general manager of Compaq Services, was a key player during the merger discussions[71] and the most senior executive from Digital to remain with Compaq after the acquisition closed[72][73][74] and had been touted by some as the heir-apparent to Pfeiffer. The first Compaq PC was sketched out on a placemat by Ted Papajohn while dining with the founders in a pie shop,[11][13] (named House of Pies in Houston). They also accumulated $1.7 billion in short-term debt around this time. In return, NaviSite took Compaq as a preferred provider for its storage and Intel-based servers. So we encouraged Compaq to go ahead and just do a 386 machine. 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. [30] The company was so influential that observers and its executives spoke of "Compaq compatible". [67] Despite falling to No. Before its merger with HP, Compaq sponsored the Williams Formula One team when it was still powered by BMW engines. [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. In February 2005, the board of directors ousted Fiorina, with CFO Robert Wayman being named interim CEO. 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