Mr. David Packard, co-founder of Hewlett Packard Company, Inc., retires from active duty in his company. He is replaced with Mr. John Young as Chief Executive Officer. At this time, the sale revenue was close to $ 2 billions, and HP Company employed more than 42,000 persons.
48 years earlier, in the 1930s, William Hewlett and David Packard met when they were students at Stanford University. They launched their business partnership in 1939 with $538 in capital. Packard and his wife Lucile provided the humble garage where the Hewlett-Packard Company began, in Palo Alto, California. This garage is now regarded as the Birthplace of Silicon Valley.
As their first big contract, the partners built 8 audio oscillators called HP200B for the Walt Disney Studio. They were used for building the soundtrack of the film "Fantasia". Why 200B? To make customers think that this device was one of many produced by HP Company.
During World War II, Packard ran the firm while Hewlett did Army duty. The company produced radio, sonar, radar, and nautical and aviation devices. It grew rapidly and had 250 employees at the war conclusion.
In 1969, H.P. produces the first scientific pocket calculator, and enters by this way in the new world of computers. However, Hewlett Packard not only pioneered in technology. David Packard introduced a new management philosophy which came to be known as the "HP Way", providing medical insurance, allowing flex time for workers and profit-sharing for all employees.
These two men who shared talent, ideas and a generous spirit built then Hewlett-Packard into one of the world's most innovative and respected companies.