What Was the Net Worth of Hewlett-Packard Co-founder David Packard?
| Name | David Packard |
| Net Worth | $4 billion |
| Gender | Male |
| Date of Birth | September 7, 1912 |
| Date of Death | March 26, 1996 |
| Age (at the time of death) | 83 Years |
| Nationality | United States of America |
| Profession | Entrepreneur, Businessperson, Electrical Engineer, Engineer |
David Packard's net worth
David Packard, an American electrical engineer, entrepreneur, and philanthropist, was worth $4 billion (per Celebrity Net Worth) when he passed away in 1996, which is equivalent to around $6.6 billion today. Best known as the co-founder of Hewlett-Packard, Packard also served as the 13th United States Deputy Secretary of Defense under President Richard Nixon from January 1969 to December 1971. Packard's journey began as a small-town boy in Pueblo, Colorado, and led him to become a pioneer in the global technology industry. His impact stretched beyond business into public service, environmental conservation, and philanthropy. His legacy, including the well-known HP Way management philosophy and the David and Lucile Packard Foundation, continues to shape modern corporate culture and charitable initiatives.
What were David Packard's sources of income?
Formation of Hewlett-Packard (HP)
After finishing school, Packard took a job at General Electric in New York but he couldn't resist the appeal of the West Coast and the idea of starting a business with Bill Hewlett. So, they returned to California, and in 1939, Hewlett-Packard was born in a small garage in Palo Alto, now recognized as the birthplace of Silicon Valley. They decided on the order of their names with a coin toss. Their initial creation, the HP200A audio oscillator became a hit in sound engineering.
HP expansion
Guided by Packard, HP experienced significant growth, expanding its offerings to include calculators, computers, and printers. Beyond business accomplishments, Packard's impact extended to shaping an inventive and employee-centered corporate culture, famously known as the HP Way. This management approach prioritized valuing employees, being cost-conscious, and embracing social responsibility. Packard's commitment to 'management by walking around' encouraged open communication and built a strong sense of community within the organization.
U.S. Deputy Secretary of Defense
Packard's impact reached beyond HP. From 1969 to 1971, he took on the role of U.S. Deputy Secretary of Defense under President Richard Nixon. Applying his management philosophy, he brought efficiency to the Pentagon by introducing cost-saving measures and streamlining bureaucracy. His dedication to public service showcased both his sense of civic duty and management skills.
Philanthropy
David Packard started giving back in the 1980s, donating $40 million to create the Lucile Packard Children's Hospital in 1986 and contributing $55 million to establish the Monterey Bay Aquarium in 1984. In 1994, he and Bill Hewlett donated $77 million for the David Packard Electrical Engineering Building.
In 1964, David and Lucile Packard established the David and Lucile Packard Foundation. When David passed away, most of his $4 billion estate went to the foundation, which now has over $8 billion in assets.
David Packard's personal life
David Packard, born to Sperry and Ella Packard, had a keen interest in technology and engineering from a young age, often experimenting with radios and appliances. After graduating from high school, he pursued his passion at Stanford University, earning a degree in electrical engineering in 1934. It was at Stanford that he forged a lasting friendship with Bill Hewlett who later formed the most successful business partnerships in history.
In 1993, Packard stepped down from HP's board but remained a significant figure in the company and the tech industry. When he passed away in 1996, he left a legacy of innovation, a strong corporate culture, and a commitment to philanthropy. His vision and values continue to shape HP and influence the ethos of Silicon Valley.
FAQs
Why is David Packard famous?
David Packard co-founded the Hewlett-Packard Company, a manufacturer of computers, computer printers, and analytic and measuring equipment.
Who are the children of David and Lucile Packard?
David married Lucile Salter, with whom he had four children: David, Nancy, Susan, and Julie.
Who are David Packard and Bill Hewlett?
Bill Hewlett and David Packard are co-founders of the Hewlett-Packard Company which revolutionized technology with their innovations in the field of computing.