Word: compaq
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Dates: during 2000-2009
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...DIED. EUGENE KLEINER, 80, engineer and Silicon Valley pioneer whose venture-capital firm helped establish Sun Microsystems, Compaq and Amazon.com; in Los Altos Hills, California. Kleiner, who fled his native Austria in 1938, co-founded Fairchild Semiconductor in 1957, which developed a technique for mass producing silicon transistors. Fifteen years later, he helped establish the venture-capital firm Kleiner, Perkins, Caufield & Byers, which gave seed money to more than 300 companies, including many tech powerhouses...
EVEN FASTER FOOD With its juicy burgers and extra-thick shakes, this Burgermaster, near Seattle, has lots of old-fashioned appeal. But the drive-in burger shop is surprisingly high-tech: waitresses punch orders into wi-fi-enabled Compaq iPaq handhelds. The typical meal takes just seven minutes to go from the iPaq to your...
...corporate and government accounts, though many such customers are exploring other options. It has also grabbed some local residential customers from the Baby Bells, reached a partial settlement with the SEC and built up a healthy cash reserve of close to $2 billion. Most important, it has lured former Compaq head and Hewlett-Packard president Michael Capellas to take on the reclamation project...
...appears, however, that they did not intend to work together for long beyond their goal of merging their firms. In HP's proxy fight to acquire Compaq, several institutional shareholders voted for the deal because of a recommendation by Institutional Shareholder Services, a proxy advisory firm that blessed the merger; it gave its approval partly on the assumption that "key managers from each company will assume important posts after the merger." Explains Patrick McGurn, general counsel for ISS: "We were left with the impression that we were getting two leaders for the price of one. There was never a time...
Capellas, who says he went to WorldCom partly because "there's appeal to being a CEO," was not offered incentives to stick around at HP. In December 2001, Compaq's board amended his severance package so that if he resigned from the merged firm within a year, he would receive a lump-sum payment--worth a previously agreed-to $14 million--within 10 days of his departure. When he left, he also received $1.6 million as part of a loan-forgiveness plan. After the merger, his employment contract was not renegotiated to entice him to stay...