You are on page 1of 9

Case 4

Compaq in crisis

.(lh(d Pf.,U.r wn mn.d cEo or ao'nraq


michin. rhn .otrld rutr IBM
rinual ftils ho! mnerd .lmdr ti Ims G( $ft*& rish box. D.h:!d ror rcr w8 io
our or $.
sr.{ ![ rEM .ouldit k(p up, .nd dd].r ws.
hrpp],o h.v. comFq {'11 lh. Fp5's(ail. Compaq
ree4 - ^!o yoD ah4J or srhrduL( Ir 1ee3. n vr didnr dddop i6 oM sLs ,orc. a $ iF dold
d'dnl hav!.ny dtrd compdi,,oi I@m tf. conpli}
r,,,a$Pknkr! rr.vh<,c"nf This rr5 m n,k .otunt h (h. .,h
nzkn oL. rmr. tBIl .n'l AtPk '
GnFq l@i snrs Go'd( tr tr! fiq Fr oa
lp.nrcn wnh sls or ustrrr
llrris 6rh id rid wxE. crr" G mnkdr I Kord r'6!rr hl.r r!tr : ilw 6rn6 n rir
'hd. 'i
rn,ls,+ in 193.r, n b.sn orllr Ercpl rJ + pBJ
ErrhnJ Prirfrr r$
on,h. NN Ydrk s,ck Ex+lisr ridom<d i pk( on

,i,d hul, ( ",h. nrcm d P.rrsdq o,d rr u \![


by I .omP d n uFd lnEl! nlw 336
'ntedu.iit
prcsror tr. noithi hlloE lsM d"l. S,la.o nu.d
ro inckt., brc:king Us3l billion i. 1937 cohp.q
Company historY iirodued thr &* b kry-powftil hprcp in le8r'
rnd rv.iue r ymr wlE Ust1 1 billion, ui.. whn
aoDpiq qn ntrd.d i r93: li, l" - rlr
(hrc(
ihq vd. rh. prdius yer h t990, ircnnloin rl.5
,.l m I+n uJ ,4rFd U\ fh! i{ ft. rK' rc. m,lLnP ',,nnir l
B' lvub Tl'( r suLhs N$n,l\ Jr'Pqlrl'la '
r^ul w4 rrll1l
'il- 'l!'
ArL iitr r $ riii i
R6.n otslvn Rori lhias.hdn .omPlir o ruod i
q!!
rnno(p., d hk, ,h. !D+rN ud conPiq,
Th.R w:5 i s {rl idsu! dow rr. rid G 'Ftrq
[.snc !h rrn o, rh. [ord h:d $( lnr hvrnl5 r hnbrc rchni8 rl prr.dr
'i
dlitr wnklorc.. O! 14 ofloblr, z d.v.rE rcpomrg

; , -" ;;;; 6 ;i;;; ! !-'- hF i t &a ,-. 'urtp(kdb ftmuvnrii,hmhIpo{nlnr.F.) n'd


"i;;; Frkhd Pi ills su((d.d km.
khibn1|co p,q! rcrenr qrcwrh, 1r33-es tusr6n)

EEFf BEFE! iiE'giE

r0 abidnrs 4d *(
mdiulcd'ir|h(bondhldb.(idis.u![rcq[[r' B -* " rui,E,
1ir( o, rh! n(td.m.ro l,..t .d bv catrir ria h,rud,, Prdi.r ,o H@{.,i
ffdllqracloow*l,egrdhy$.'d.Fi,t<d liiuny r99r tri h. .hd opqrhs ofIs4 ^
L'!|]j,,yhqB(nlhfl''hrFUIJ.iDkJIllluurol rnd rr
Pr<r . mtdr b.dE.i r,, rrmii,o r*&!o( Th( f,E rhils pftll(! did * cto ry* ! lhe 16r
n r Dpidrr stob:t,,trs ndunry. ndrsnsll"h l( o,. P{ .m, bJ,*h'is pm.;Id
M,lhrd swrvltr lormo pGdlir of aonotu! dtqidy d<nms !n on (ohpri,d kho hu,tr
Nq r Amo.h oFm .E who rciEd m ruk ieei 'h.
cumm cd, .clrnB w- ohnlr tr comD:q..P ! mnr(.'i H{ rlb hrd Ir Ercnr urrtr. worthrc)ii
$(6 h/d 8o(n.d r.xtr.,itrtr(d yiq.J,h. lhni, n(-id rt( numt(
Jn' nJuiry, hr sP4trty ,; .om \lhttrlJftru!dl\t]rh'|'o,,|sh'|'!D
Th(k],i0' ks<tr Fk l,,rkoFqt l,n t 9kl;J
d.dtn4frnl.',hiRw(lt|d'i$'nlo!d'trtor'<I
a, r sor cohPiq r,tb( rh.
P.. R,d(t,I"i h/d klrcrd *il Induiir unFk d'ddr rhnrr h( @uk
iihFh.irrcChiYd'f|rbhdqo[br
'hI."huo.o!B i;n uh rdo

thc tnn cohP,q .oopudr yd. hisi ,n


,dntrnri( rid hBi
Compaq under E*hard pfeiffer r&rp.d rtrd ! ryer
krhnd Ptr kr b.en htr fEd r clmrrq m re rfoducd . n.w tow<o( Pc cnhd . PrcLrd
Ths.wr! loro{doub.,plifr..(d[5,voutdw.
krd, ( Pror he
pd comp.q hrl on mqr lor o iuld stuwft. .omrntrion vi,h iidu*y strori H.wl.n tucr.iJ n

coDp.q ledy doubl.d i. u! mnk cDnrrq n$ dlndd tu iirc(l1. ndu m3


ft , $rDr'hs bofi IBM rnd AppL. lt r$ .m.{.d s bsrss lnd isi.d i pi, 'novt
v( un A.il q'n[ 0{o
,h.Lburc'l rc !uppl'( in EurcP., holdi3 r0.3 p.r
Rocnu6 .airinu.,l b ri3.. i.Rolki, t.ik!i5(. n 3iri.d : mr
rc:.hreUsta I billiotr n rh. cod or,h.I i" *trh cdn.iy! trl(,vhi.h pruius Nion5 ftr LiDk

Ii Ausur 1993, Gftp.q r-!.nitrh{sir ,nd. h ,n, d&d i d6 v,l


roRrd rna Thooa.corEd co..I m.iuhdu!! or ld,l.idwo,l
'i,rc'lu(d
dn€kd towrd! ildividEl oBumllq GpEhlly thc .Td. lor PG. Ti.6nrl rrnecdoi ii Nov.mh.! r99l
ui rh. acqunnion af Ndvonh. Inr.,1.onP:ry +n
P(sro brok. nl $. Kords { comp.q, $ll[3 Ni( m.ls htsh 5pad i.,vo.! slal All of rhk s:(
$ hn r ,h. PrcLn.. r fi! fts, 60 d:v'L Th! comp.q rhr t<inolosy,a otad r.ompllk i.,wo
'na
P(s o quntly lx.m., itr'l [r (
nainnry, rh! .ompany 6nri.d lbc ror wi'h rod ihc(nrrry ftnr.d iic t{ wnh Ustra 3 h'll'on
'd
ln liiu:a rr94, the buiias worlJ $* lhNk.J
th{ tr &ud no lons{ * \-nh siin.y inJ ,hr ofts s rh c.!.8 MorD
.xclurvdy ui lnrcl! m'.rcprr.s.' ch'Ps i i.5 Th. .odnd5 n.ludeJ outia* ol liD r'(: !o,l
. cho& b buY kom rr.6,r tuntr +nr wdrrlr.r'
Advrft<d Mkrc D.v.6 (,{MDr, contrq bld rh. 'n4orrerotu.rd
oe \ 30 rd rtrr o, fi. Pc uhs
aL.ohrd F@dudi,h wodd tst irlle l'll $n. hol6 c.nEq ihirFJ tri I n'lLio h n d ,n NoY.mbd
rh.rc lnrc d'd rt ('nrd.." qmprq il!' hqn !,
dl$.PEelo r 1995, i6d('omLlvr btrs[
m 'ihp:n
kd lo.AEicznomp.nE {owd(.,hhs!\.i.b.srn,iBiutrirm'nMn h.
Pliillir tonki.d: compry mEoisin rn.rtm rn Pt rLr h:d r n rinyn hr ComFq nish' n^'
'o
Horbn in jrlrry lter wh{., in Ircn( or 16000 ms' LB &*qu.ircr..!ohss *im(6,:oa rr. nck
.nploy.* rd $.n frhili.i h..nnomG.a, w. r plunsld H. {d
No rr',.hrd.n,n l991r vr'k rcDlacd IBM *ri. d.rld iid rnc($to lif,
wo d! or Pc vodor!".onp,q hid rcrh.d i 3ir' qufur pmr.d .2 0s.. ,'l.m:nd
rnd $. (o.k rc.ovmd
y$rBrlm "ilyNoy.rts. Atn{sh comp.q p(du.u Thisshould haY. bei oue rlrrd.6
o.srr, tr h.,l rilnrd lhs io lhr .omlrtry ol hn.ig t s'ovti ulsd tral ] do|
k.onplchm.ni thmush.x..prioi.l rx..urion vh.i r prcln mrs'nh ro tsrt - uLowot hr'l.tr
P'.I{rrr dk orc,. h. h$r b.unrs Fd rnd.6r, Fci. a rouhlhs 6d oqd
ior br l@klns lorbnllu ns.ig1ncnos H. eid, A runiiis Nrc< s 6s Nn o nr) in Ph& s,d.id
p(nuG lrd tr(a$4 hut rrcIt hidrl
srdlid ru]. k b n v.ry zsc3iv. co( 8ah ro Bn 'novcJ
v.y nkciiv. .rly-Lcvcl Pmducr'I Pt if( wa .d ih. ranpaoY t,.dr(
reea w hUstl0.9 b'lL,otr in nki I usl40 hilLis "
H:vtrgqDqli.d Fc mrrd. OmFq si'ra'l
'r.
ft n,ksrc rEElLlshtry lerJ Iib$inIorJd{lr!
m flznrsE t n i n!{ {6lq/ wr
outrd ,h. vorld,
it sld, .mPha'5ii8 bunt i Lls.il ,nov( rssk$idr hio o.w Prcdud rs' thn
mrtrrs.m.n' L,urc'. Th. *ill mrk. Conp,q 1 lulllin. Lilor
.ompJi, ilo Lun(h.d omBnn qprhL.ol(omp.iinswnh IBM iid H.wG
srrc formn,on k(hnolosv Prk '1, r n.v (ncst rrPto{h w5 i..d.,l
4{!mi .aul'l rl;bly rutr h..rs. rBM^ko,
hrd i.v(s'l th. tnid rnd b.sun to nk.
bBtr.$<itki rpplirions rid $n fi. .omPanv PC nek(.hr,on co p.q'r
qrrd ddN.r ii. s n. :nd $pFfl rhq 4urcd Ths ri Mly 1997. GnFq iosum.dr nhdr.pf!,
lnough, comprq oir fi( i(wo qs buii$t hy nqun'ns ltn(on,m li..l
lwnpu4 lompin) !th( rhri
tEn{.!lr-'hr
6$n. m(asitr3]l liufl, n n,mrsn ohri,!.
!.kJL.i[l.i'kJJJi<$hh'-lD.<!hh<

'Iny!h(rc ,t,... ,.
ni,jdrJrr,s(J qnrrtriB. comp,q !ri$ r, Lrr rh!
D /ou hoo!. rDr h!,o6r or

ijsrmlrs|]Fnry[ii(Mhr.hFutrIllh*

,-'F-" l h, !..,.,',.,,"..',,,,
r. onob( re97, conprq plJ tr5 f'N.tMJ. '; ^',"',,
J
iiJ irLrd !
\a.. 15i-, )<
w h slo oI us9l1.J
6[di ,
H m,"ralprrd,h. ,dunn_,i rees . (1i nt,h., ,, thtt,4
Fq-ri...,,.,;.,,hri 4 r adti+,o i
h5 -s." - o... h;,",,,.
nirui. !hs qn Lu&d itr reJT {trt,f.
hPkL]t'dE!l,,lli!$ltrLlfl.,lhlh]\ii*. . o{rDE coNptrq {[ ].r s. rh. r(oum bs.d
Etr<r plb,!,&y nBbnh b,h. mn,lomFrcr mnk(

sd4li'p[dbJdkhid@y
-a a.- c".pq.-" - r,.I.."*.,-...
-",,a,,"ur, irr"a "",
,,{pJq! pmdld rm Da ir!p.(rt\.dr
iirr(r.id

14. fB s J!pp, ,{sirunq !,rLl hqtd,n!


"* tg .,.p,. -l r'" *l .',eq "* *i

Lr !,,rdi,Frv.rriJ,h(,!,"qh i:., Ahi, t,,


The firins
,,'",.''",,, l' .:, t"*l tt..,',,.,'
.,u .-.P, .-r., ,h. _-. -., +.
Jo,..,J b,
t;"1
rxiu
o! y Aprr rrre, 11(fr.rii!{nqJ r)v!,k(*r,
's s,,v--,*.,c,.1'. ..5..,,' r".,*.r,-"., *,,,1'.1 ;
i|3imd\ohFms "..rJ " t".
LumF+ (strr Pc bum6 nc. omBu_. {(h
,ti..dc * moo. ath*d, _-.(;.._--^
itr< dirf.Eic. bnw&tr .
r,rd rtr4nrrJ u rrr,,rui I Jur reqs
,t,.ut*l,l.cna
EEdivr rorui rh..omFny vh . rhq !(h!d for lllumlnm Inc. Evdyon. hlLs rbo lcpng $! clo
:ndh( CEo. Iri6 oflk. s* no, inrcntLd o h. , {.ou ,bl.i iloon io on. dcs n Bu( lRorill nor
prsiy. edrks oI .& qomprny RoFn sid, "Ih.
bo.id L.oni t.d ro mE quilly b$ld d'. i3h( .onniu$, ,h! oFrriotr hrv( b<n $ nopp! tft rh.
clnf Er(u v. oafrc.. ro l.rd ,h! n.r nr oI e.oodyer n r lov lhn nt rmdiz3sdln8 ho$oll
Cosprq!sosh ria A.vdopnrir.In r[. irtim, * fto* iunh.is ha( n.n " Th. {zroi fic orr'< n
w,ll mov. d(Eidv to sk( 6. i.nr rhl e. ahd ah.r F.i( d. oiti(. tr lf,lsc ri. (:f()
So whc 'lid Pf.flr
misFkd didi. mk!,h{ 6.rii.d I'h rcmov.l* CtO! Ro5.tr hld $. p($. Tht
\ohii hr riioutrcd th. qu,rrLy ralB loi ..1 .hn,s lv'l rc, h. nlonr Iu din( il ( rF - !.
rh.!or). h! n,.frprcd ro 6hm. €ompzqr poor rl nnrs, E nNnd
'hiik
olaE . ro .p..d ur d(trnDmu I
lfflomlne on I scnolly w6I drmn'd ,n rhc Pa
p'otu mryE ard.onpdniv. ln.iq.
'idunry,low.r
A' wnh R.! crn'on. hl vr ioi r.m.!.d tar ov( r Dc. rrcLrkr Lxgio k,,,,.us o,lri,a nunlxr
sinply lrvnsr bad q! rci Ti. hr'] qurany c'ult
{m m.i.l, symptom i. oI hre! irkhn pobl.m tlns imr rhi.l ndcsrr Rob.'r std(i who J,
Pf.nr.* conplift.bo v.rl d.n.n,l ldd p-& comprq iilun. r913. sy\'ln hk qtdl lor hisBs, h.
nl,!,ns .trd .onp(iti! pri.iis w.E v.li'1, bu rh. lon in unddn.n'liis or i[. (stomr roJ lukal l
dh( 610r Pc m.L.B (IBM, Ddl, H*h .Ptk,id oll .mpq 6rld sh*. - L.s. bu
:nd c&vay) *n no, srugd4 i th. em. *.y Th. xqGiiion6 ol Trnd.n compu
[rd *i'l mu.i vh.i r. oI DLAnal Faupm<i,
.o,n.ird dr Comraq nrlls* lirs.ly riulr {or Aerinn ft. rdvi.( oI $mc ol ftr (iior .xsuN$,
Gd nppo iis fin:nsil pd!trner...'r I k rre, Jd.d Pflfnriidhn.iy
ftn pobl.ns , coip.q w(r morc $vft rhzn I'd iiJ prc*nad b,h( rci 'n,htr,mPi!! atH I wd
szik. .nd ht wirh.d th.y'J cpla<'l PLLl,s r y.u 3lftndl cundlr.'l surns Dshl phrJ nr)
Lkhe.l!h rt(h( (! rumqou i,h(i hdi '[ '
To nriv. r dtr dnt, PLifIt hr'l &gui ro .ois mq d..omDi!. eid on.Ionns.x(dK"
hLnrlr Iron .nploycs. e.n $mr ol hi. own vc
'$l r DLFnTL hrd |nlcd rc hc (!sh( n' rcs ( rir
prcvddr ud hi&h( rrcdd.d: $r (4oiirc
dk iv. piikiis sr)3. n i li.onrn'hl.rh,n I'ri,h!urhr,id conFq scD.d k,
n,hrriy$hm p,!isphs had ids h..i (5!fl.d.
vsibly rFodnr hmsLt ,rem $! dh( .mplor.6 Pr!'flir1 ii'b{ Ds son ot t6ta0 h'lLioi Li urns\ hr
s(u.q or rh. .x(miv. flmi *.r i.Fli.dly ind*.d
.id r<* ii.c.singly rc*ft&d. PLiIln rnd htr in( vhi. PLiIrlr bd6
.ird. m .d ou. 6( eqqnnLoi of D[nrL ra ih. BI comFn/t por p!rlom.o.., i..hodld:l$ 6. si.n z
or d. nnior .xruria only lound or :bor n rh. srci dqlol (dn. siirt h(omis cEo ii l99l,lt
nldr hdo( n u. .niauicd b cpt* app.rcn I ,!rn.d comDaq :iouod mo( 2i oi( ind hlLl.d n
PLiffn h.d b*om! t- iBuhr, lot op.n b L.db l grcw ub a iinn.idou! pov( ii ,h. ra ids(
indrqid.*t"mri,ehdov" 'Eclhird Pr. r,.r oe(sw a p.i,d {
wh.n h.r.pl,cd c:iion rcEor r991, nt
'rr.fs
rss.$ E innirtu6 .ha4.J comPiq\ ronuia 3nJ
. Gn.d n, hik grftud. " lsr Exhih{ 2 ,'n Con$rq! I'iairB
b(om.1.$ d.Iinit. .hou mkin3 dknioir' H. w{ p(tunnr. tor 1994 b lee{ l
prn)*d hy lh. !p<d ,ir[ whrch th. nrkd wr
.h:BinE, aid i. coulddi oak. ,h. difLcull d(nid.,' wanted: CEO for a large forture
G,[ "Ihi odErnn. rh.r. w:5: lillt r' 500 (ompany
^..
.x..& dl*ikly
n Cnmp4 h.il th. pan Th( bo ,l\ i .h rq r t! cro wr oi kn (hk!
'PLLIld tr trd 'i
!o h. th< 8uy who Lik on EnP. miir dil.(
'uppar'l
,mpl.n.i6.on, ry' Jon hoi Eunnq n -.lyn @r. wm.onsid.r.d lor,hc ioh. Finrlr oa ?2lu !
(ome*aremeni 1ee43(yearend.d31 oscmb.n

reee, iorn qlkd r pca.oilt.i(.nd anooui.-d .n .i.Lyn n l P Molgan & co. connu$. 4< 6 not
,hr ML.h,dA (rpFllis, fi< .h J ops ,ngo{ier, wLlkio$i. 5r in Enn! or hi' qllllfierion,, h.! r
ao pre. h.dbeiort rdii.phai a!<lkd ald'bk { ii! ol ih. o,hd .mdid s v. *d. h6ii3
clpp.lL3 p'n.d coflp,q n AuB6( 1993 . .bour.' crppdlaJ5 rrp.rnn< r hlorh lon
.h'rr iiknfr ion oaftri rnd h(rm. ( udns.hi.l idlnoley could plor b b. ii *H tor Clmprq.
JUN rse B.rorc sDry b How.kr, h. lr. r d oI nlom !i'rls.
c,rDiq. hii q(k.d r slhlunhq(, ai oils^i.r
h(
.o Fdx lur rJ km $ trn !x*-u' Competition
rr,. qnFnit I'd <nBtr r druor tu oIoD on
c,mp,q @opds w h lour otic nu ior con!.tim6
o, Ddl, lBM, Hcslcii-P:tl d n Cn.wu, Th6t
drcflor ppLr rhri maEg.m. , rtrd n r9r7 h. cipFldl .rp:hl.s in
nnks'! l6Jti!h'p. lli. Exh'b l ror fi( Pc m I{
oN or,h. ft(
probl.tu crrp.ll* 6ftd.r cto shn6olcorprq.n'liBdominrnr.omp. ion.)

wr o{! ac ns ihn.holdq. znd .uion.6 lh h.v


..p:blt or I'llLns',h.
coGh.d b, ih..ppoiim.ir or $ \nd./ rho h D.lL wr round<tl in l93J by Mrchd D.Ll r Rouid
Fro n ,llr..mpii, lur ds r (n rnd rho d,d ReI, Lx6 w h a uiiqu< prmie slliis,lr( y io
'hD
rn hr! r0 aEo !"tsfl.trk. Mra rl:d.^ncni 6. cutu,ns a'd hrF$ir Enlk^. D(iu* n &Lk
dnd, Ddl hr sqdr du.cd inv.nrdry con rid
'l'h 5 6!cd'dd, ho$( crptsLhs, *iu,old ft. pB, ,urnuv(!trE tcun l, aoovni5 o(qrii /ir.lro
rohkm5l\. G.i r996,D.rl h.B:n&d dn<iy oy.tithtiid, *hlci
r rr r,n mriv r s, l5ol Im <rridloi ii l<n d" nd rluih lor:pprox'mn ly 50 ps.4r or oril.i
D.ll h{ lrd ,h! Iirnd b ofGr 5p*nlly ocrcd
oi ( o,rq irid, o,i*r wft 3h{l n, t. rcm.oc nk.gomd!6I
.oirrudins . pdenrl w.b pasr lor och. Ddl hT
lpEr dcEo Thc cofrp.ild (h1, p fr k.insiid hi.h.rrot, e,o,lNi Lin. lor bis
bunn* c.rtsna el.s acou ro! non or D.ll!
da !i oui llrl nv.nu. In o.,ob., I te9, Ddl ourold almp,q Io! ,hc
prcr,km5n(,, ,/5 Mik( Mrn ei.. pc d. ol r1' f'd ihr r $. Pc m1*.q i.rc8ns Bn k.siri!
Trkioi Flmtru. syftn.,r conp.q.shn.i Aid 6lr.t F! <i, *hil! comprql LLI o lJ., F, ent.!'
IBM (lntern.tional Butine* Machin.s) HDsEdr.ly aiv rf'.d no mriY 1t*, itrcrudnc
t9rl.l, ws rhc lid iid !a m'uni.&otr and m.di..l rcchno
b'ss.n .oop .r .ofrp.ir :nd pioi..rtd Ih. BlurryJqdins rcn{id.m.ru(m< prodrdr,
irroaE an aI . PCm,9e1.IBM LlF.d i lh. fri,l' nmiclduflor prcdxb ria.i.mi..l.,Ely!i5 n.dkir
1930,vi.n.onI@ !d vnh conp.q udothdiiv.h.
busnqei. mout iow rru! otr ib.orcbusin$! ol
Ii 1996,I8M 6.!.n ro rc!.in mrLfl s[ . ii th. FC .onpucr r hndwrn, ii.lud'is P!ik6 HP hd
m rdrdcrE! h,.r b h.i..ond ir 6.Unn dsi.rci .ompm-(drd rcriu. orUstl9.J bilhon in n! t993
.frc! conp{.'' ln 199e, n hd Usl3l7 bill'o! m fir.ly*. uJ h3d 3 pd c.nt or,h! Pc n*ln..
OEFt ns ium*ound i rlr Pc ..flo( laM hr
sh'rEd ii' lo.us ,. tr' norc proli,rbl. tflB! Jivni.i
iid k nnldins nnlr * rn !.huiin6., rm$.qnns
hry f ihdpo,hdsmprni*s.,rl'arcomP,nidoi_ L'k. r).li,crN.y! b6h6i modd rb .do!dr<d
lii.,o nk. dv.ntrs ofh.lnt n.i Thn 1lb$ nrc .sk,m'!-J sllLns ltr 1996, n 6.si o (l<'mp(d'
.mphrrrsdic. $J.h r h'eh lnJ sd {h'.h i5n nn ft lfthd. cno:i hr5 htam sFnmainsMh
dn6 iB hrd* . srl.5 iitd t hLsh( P@& nr'a'n
ihrn Pcr " cuftidi n holdl 7J p.r..it oI ti. Pc
md6.hn in rh. Urnld st{is.' nois dr k o$rd 1.4 d. ompryr lh. {o.s nd
n,nr oryb prcvidc.*,ond rryrc< lnd tinlak
sloppnB lor r'*.m. .un.nd t EYis rhi'i Ih.
opp.iiunL.y ro ,6, n..hm6 b.toE buyiig cn.wlv
H.wk(-P iind IHP) w8 fornd.d by No.ryinas, i- :l!, ,'rd up
BilLHshn rrd Di( Ptclcrd. in r93e ii.9..s! in whnh l* ok.i olt ihn pd ya( *nh hrl . million
Pno ALo. c,liIorni., HP w* itrco'poncd rh. rubEib$. Ar 9 pn ert," C drr hn mo. Us Pc
rollowins y{! hr n.vd soPP.d !rc*in3. rl'aLt
rnd m,ikfl :hm thri .nh.r IDM or HP
rnd Pi.k.d dlv.lop.d . rcmnkabl. oryo..t culiurc
+r .n.ou s.d conouni!,loi ,trd hnou on. .nJ Future (hallenget
rh.n compzny hi p. o'm.d &ordln3ly HP b.etr bv
buiLdns o*'lhoB .nd .rolv.d wnh ft k(hiolo€n Iri.h& czpp.lhs ixqun( i dmL'l.hl. b5r m toix
buildiis fi! rn ifi. el.lhtor $1t n.'1. d'd( ruki oI hN AkhouBh Coup.{ hs Miv prul,llni, i h
ohsokk, 1id .v.lturlly Ilt n{B( {nI D'a(n
mus h. q,hpl.rcd rnd 6nD'r .'l r(, conPiq '
ho( orrlnu,n$ id mt( conrrq ! nu. ! ibk
6. r (tJ thr <r. Pa tuis\ $,.u !{us uis
nlqc$i vn Jarhs mioasdn. ki!oi sorh. hrd luoJ ror rh( wo d\ m6r
F{*fr r p<loirtcompu nsbnnJ Th<o v.idJd rht
(4 h3f+iJ Trndfli ,J.
F,i!h. !4j!g hs,ilg H; D,shr rt. qnihlr t.,n,F.r d whu $( $.r
}(4Ds Dsia\ ldmresl. $fl]{s o Tl,. *,i comrrq hs rh. omo(Nr/ h fukd RI on(
rm r r.JnNrompd.or v(h H.! dr prkd znd

n (ompnr r o,n hnlmnor wc[, qrt( dk fn! tri !h.ik b rcn,sn rh..ofrp:nr! Iootr,id lj(om.
r (rrp 13 thrmdh lir(tB^j
h ir nkryRq crpBt^ sA sk(d.,\fto,lo v"
wo( rliur nor. D.r ,,. IB\P H. ...p,,.d.dl J
wury it&m rBv.lhc! hiyc don. i wr qood,oh ot
rolouMs rhcm$ly$ rou,d!.l,srss rh$, d ,h.

8Ln(, ri ot f < {o!ld rhrk (hn lGh D. r +d, J


I hrppl m.drur 6(w*i ui rn.rnrl rtu,tEl,trc "-n HN-( i; ,h. ..,
*, ,*' "
N.-. / ,'.:,.",
.m'Ll L IBM! whlE.imtr4'.- amrcfih tr hl;
h. h:s:5sni.l .hrlroB.
,.h,F l" l.m rc,.lo,;,

Endnotes
l
^." P!,.1 ll, iol ,i.; -{

r . v.! id! E. G-eq J r.";ryoi!. ei.,.. @L i,

,r .ry,e14 ts, F;i 8.r!^df<


, I Li.E-d !.e io, rEDq,,\ih,r i,,&t@

N'r fuF&'d,ie!, qtke; d


cqo ne4 ,60 adb&rr"46'; re. z

You might also like