David Packard Net Worth

David Packard Net Worth and Salary

David Packard is widely known as one of the co-founders of Hewlett-Packard Company (HP). Packard’s net worth is estimated to be around $16 billion at the time of his death in 1996. During his lifetime, Packard’s wealth was amassed not only through his multi-billion-dollar company but also through his various investments in companies such as Intel and Compaq. David Packard’s salary is not publicly available, but many speculate that he did not take a significant salary as a co-founder of HP and instead relied heavily on his stock options.

Early Life and Education

David Packard was born on September 7, 1912, in Pueblo, Colorado. Packard grew up in a middle-class family, with his father working as a lawyer and his mother as a schoolteacher. Packard attended Centennial High School in Pueblo before studying electrical engineering at Stanford University, where he became friends with future HP co-founder, William Hewlett.

Career

After graduating from Stanford University in 1936, David Packard worked briefly at General Electric before returning to Stanford to pursue a master’s degree in electrical engineering. In 1938, Packard and Hewlett founded HP in a garage in Palo Alto, California. The company initially focused on producing electronic test equipment, but later expanded into computers, printers, and other electronics. Packard served as the president of HP from 1964 to 1968 and again from 1972 to 1993 when he retired from the company.

Personal Life

David Packard married Lucile Salter in 1938, and the couple had four children together. Packard was known to be an avid outdoorsman and enjoyed hunting, fishing, and hiking. Packard was also a philanthropist and established the David and Lucile Packard Foundation in 1964, which continues to support various environmental and civic causes.

Illness and Death

David Packard passed away on March 26, 1996, at the age of 83. He had been battling pancreatic cancer for several years before his death.

Real Estate

David Packard was known to have a fondness for real estate, particularly in the Pebble Beach area of California. In the 1990s, Packard purchased several properties in the area, including a 15,000 square-foot oceanfront estate known as the Del Monte Lodge.

Legacy

David Packard’s legacy is primarily tied to his role as one of the co-founders of Hewlett-Packard Company. Under Packard’s leadership, HP became one of the largest technology companies in the world, with a reputation for innovation and quality. Packard’s philanthropic work through the David and Lucile Packard Foundation has also left a lasting impact on the environment and other causes.

Frequently Asked Questions

1. How rich was David Packard at the time of his death?

David Packard was estimated to have a net worth of around $16 billion at the time of his death in 1996.

2. Did David Packard take a significant salary as the co-founder of HP?

Many speculate that David Packard did not take a significant salary as a co-founder of HP and instead relied heavily on his stock options.

3. What was Hewlett-Packard Company initially focused on producing?

Hewlett-Packard Company was initially focused on producing electronic test equipment, before expanding into computers, printers, and other electronics.

4. When did David Packard retire from Hewlett-Packard?

David Packard retired from Hewlett-Packard in 1993 after serving as the company’s president for two separate terms.

5. What was David Packard known for outside of his work with HP?

David Packard was known as an avid outdoorsman and philanthropist outside of his work with HP. He enjoyed hunting, fishing, and hiking, and established the David and Lucile Packard Foundation to support various environmental and civic causes.

6. Did David Packard have any children?

David Packard had four children with his wife, Lucile Salter.

7. What type of cancer did David Packard pass away from?

David Packard passed away from pancreatic cancer after battling the disease for several years.

8. What type of philanthropic work did David Packard engage in?

David Packard established the David and Lucile Packard Foundation, which supports various environmental and civic causes.

9. What was David Packard’s relationship with William Hewlett?

David Packard and William Hewlett were close friends and co-founders of Hewlett-Packard Company.

10. Did David Packard have any involvement in other companies outside of HP?

David Packard was known to have investments in companies such as Intel and Compaq.

11. Where did David Packard grow up?

David Packard grew up in Pueblo, Colorado.

12. What was David Packard’s educational background?

David Packard studied electrical engineering at Stanford University, where he became friends with William Hewlett.