The David and Lucile Packard Foundation Confirms Intent to Vote Against Hewlett-Packard/Compaq Merger.Business Editors LOS ALTOS Los Altos (lôs ăl`tōs, lŏs), residential city (1990 pop. 26,303), Santa Clara co., W Calif.; inc. 1952. There is diversified light manufacturing. , Calif.--(BUSINESS WIRE)--March 12, 2002 The David and Lucile Packard Foundation David and Lucile Packard Foundation, private philanthropic institution that funds nonprofit organizations. It was founded in 1964 by David Packard (1912–96), co-founder of Hewlett-Packard Co., and his wife Lucile (1914–87). today announced that it has confirmed its preliminary decision of Dec. 7, 2001, to vote its shares of Hewlett-Packard Company against the Company's proposal involving the merger with Compaq Computer Corporation (company) Compaq Computer Corporation - The largest US manufacturer and vendor of IBM PC compatible personal computers and servers. Compaq was started in 1982 by three ex-Texas Instruments employees. Quarterly sales $2499M, profits $210M (Aug 1994). http://compaq.com/. . Susan Packard Orr, chairman of the David and Lucile Packard Foundation, stated "The Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. announced its preliminary decision on Dec. 7, 2001. Since that time, we have continued our thorough study and analysis of the accumulating information concerning the proposal. While we continue to understand the strategic considerations being addressed by management, today the Board has made a final determination that, on balance, the interests of the Foundation would be better served by Hewlett-Packard not proceeding with the proposed transaction." The David and Lucile Packard Foundation is a private family foundation created in 1964 by David Packard David Packard (September 7, 1912 – March 26, 1996) was a cofounder of Hewlett-Packard. Born in Pueblo, Colorado, he received his B.A. from Stanford University in 1934. Afterwards he worked for the General Electric Company in Schenectady, New York. (1912-1996), co-founder of the Hewlett-Packard Company, and Lucile Salter Packard (1914-1987). The Foundation provides grants to nonprofit organizations in the following broad program areas: conservation; population; science; children, families, and communities; arts; and organizational effectiveness Organizational effectiveness is the concept of how effective an organization is in achieving the outcomes the organization intends to produce. The idea of organizational effectiveness is especially important for non-profit organizations as most people who donate money to non-profit and philanthropy. The Foundation makes grants at the national and international level, and also has a special focus on the Northern California counties of San Mateo, Santa Clara, Santa Cruz, and Monterey and to the community where David Packard was born, Pueblo Colorado. The Foundation's assets were approximately $6.1 billion as of Feb. 28, 2002. General grant awards totaled approximately $450 million in 2001, and the Foundation expects to make grants of approximately $250 million in 2002. |
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