Word: canion
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...risks of uniting two struggling behemoths were obvious, even to Compaq co-founder Rod Canion, who sketched out the company with a few buddies 19 years ago in a Houston diner. "Now everybody will want to kick Compaq and HP around," he said last week. He was right. But it wasn't Michael Dell or Sun Microsystems' Scott McNealy putting the boot in. Wall Street did a good job of that. HP stock plunged 22% by the end of the week, to $18.08, while Compaq sank 14%, to $10.59, wiping more than $3 billion off the value of the proposed...
...Compaq or HP seems to be under any illusion about the arduous tasks ahead--blending their cultures, cutting costs ruthlessly (the target is $2.5 billion by 2004) and cracking the services market. Compaq founder Canion, for one, is cautiously optimistic. "These are strong companies being judged in a tough time," he says. At the very least, his baby's new mom has managed to defer judgment for a little while longer...
...cover just the social studies and the humanities, he figured he needed to buy the rights to 50,000 books and to digitize them. It took 10 months to find his first investor, Compaq co-founder Rod Canion, who put in $5 million of the initial $45 million raised in 1999. Questia has signed 200 publishers to date and offers 40,000 books and 4,000 journal articles. The digitization process involved shipping the books--including tomes by George Washington from 1750--to the Philippines, where 6,000 workers ripped them up for scanning...
...looks like a good bet that Compaq CEO Eckhard Pfeiffer will reach his audacious goal of $50 billion in sales by 2001. That would have seemed impossible when the German-born Pfeiffer replaced ousted co-founder Rod Canion in 1991, a year in which price wars and a slumping economy cut Compaq's sales 10%, to $3.2 billion. Pfeiffer applied American management techniques, slashing payrolls and streamlining manufacturing. He used the savings to launch lines of lower-priced PCs. In '96 he led the company into high-margin, big-iron computing, buying Tandem Computer for $3 billion. Tandem's machines...
...million in income last year. Even departing CEOs managed to walk away with huge sums. Hamish Maxwell, who retired as head of Philip Morris, was awarded a generous retirement gift of $24 million, mainly in stock grants and options. Earlier this year, former Compaq Computer CEO Joseph ("Rod") Canion, who was ousted by his board last year, was awarded $3.6 million. And N.J. Nicholas, the co-CEO at Time Warner who, in February, was also bumped by his board, is expected to land softly with a salary, deferred pay, bonuses and stock estimated by some at up to $45 million...