Thomas Perkins (businessman)

Thomas Perkins
Born	Thomas James Perkins (1932-01-07) 7 January 1932
Died	7 June 2016(2016-06-07) (aged 84) Marin County, California, U.S.
Occupation(s)	Entrepreneur, venture capitalist
Known for	Co-founder of Kleiner Perkins; Hewlett-Packard executive; chairman of Tandem Computers and Genentech; board member of News Corporation

Thomas James Perkins (born January 7, 1932 – died June 7, 2016) was a prominent American entrepreneur and venture capitalist, known as a co-founder of the venture capital firm Kleiner Perkins.

Biography

Perkins completed his Bachelor of Science degree in electrical engineering and computer science at the Massachusetts Institute of Technology (MIT) in 1953, followed by an MBA from Harvard University in 1957. During his time at MIT, he became a member of the Delta Upsilon fraternity and received guidance from mentor Georges Doriot.

Career

In 1963, Perkins accepted an invitation from Bill Hewlett and David Packard to head Hewlett-Packard's research division as the inaugural general manager of its computer divisions. He was instrumental in HP's breakthrough into the minicomputer sector. Additionally, he established University Laboratories, which later merged with Spectra-Physics, where he co-created the first affordable He-Ne laser by embedding laser cavity mirrors directly within the plasma tube.

Perkins co-founded the venture capital firm Kleiner Perkins in 1973 alongside Eugene Kleiner, marking one of the earliest firms on Sand Hill Road. Subsequent partners included Frank J. Caufield and Brook Byers. Throughout his career, Perkins held board positions at companies such as Applied Materials, Compaq, Corning Glass, Genentech, Hewlett-Packard, and Philips Electronics. He chaired Tandem Computers from its inception in 1974 until its 1997 merger with Compaq and served as chairman of Genentech from 1976 until its acquisition by Roche Holding Ltd. in 1990.

During the 2001 merger between HP and Compaq, Perkins was a member of Compaq’s board and an outspoken advocate for the consolidation. Post-merger, he joined HP’s board and played a significant role in the removal of CEO Carly Fiorina.

Resignation from HP Board

On May 18, 2006, Perkins stepped down from HP's board in protest over board chair Patricia C. Dunn's employment of tactics he considered unethical and potentially unlawful to uncover sources leaking information to the media. HP did not disclose his reasons within the SEC-mandated 8-K filing and refused to amend it, prompting Perkins to publicly disclose his objections. This revelation triggered an SEC investigation and widespread media attention concerning HP’s leak inquiry.

Perkins’s telephone records were accessed through pretexting, a method involving impersonation using his phone number and Social Security Number. HP acknowledged that the investigation firm they engaged utilized pretexting to retrieve call logs of board members. The probe identified Dr. George Keyworth as a leak source; although he confessed to leaking information, he declined to resign when requested by the board. Eventually, HP chose not to renominate Keyworth for another term on August 31, 2006.

Regulatory bodies including the SEC and California authorities initiated investigations into HP’s investigative methods.

News Corp. board

Perkins also served on the board of Rupert Murdoch's News Corporation, alongside Viet D. Dinh, who acted as his representative during the HP board controversy. In July 2011, Dinh and fellow director Joel Klein led inquiries into the News of the World phone hacking affair and related corporate matters. Given Perkins’s prior experience with phone-hacking issues during the HP scandal, some industry analysts considered him a crucial asset for News Corp. navigating this crisis. Perkins opted not to pursue reelection to News Corp’s board for fiscal year 2012.

Personal life

As of , Perkins' wealth was approximated at $8 billion, although he publicly asserted it was below $1 billion. He fathered two children with his first spouse, the late Gerd Thune-Ellefsen. Following her passing in 1994, he wed romance author Danielle Steel in March 1998; their friendship was chronicled in her book The Klone and I (). The couple separated in August 1999 and subsequently divorced on amicable terms.

In 1996, Perkins faced a conviction in France for involuntary manslaughter connected to a yacht racing accident and was fined $10,000.

He appeared in a 2007 60 Minutes feature titled "Captain of Capitalism," which highlighted his autobiography and yacht. Additionally, he took part in the 2011 documentary Something Ventured.

Criticism for "Kristallnacht" comment

In January 2014, the Wall Street Journal published a letter from Perkins drawing parallels between the "progressive war on the American one percent" and the Occupy movement's "demonization of the rich," comparing it to the Kristallnacht and anti-semitism under Nazi Germany:

Writing from the epicenter of progressive thought, San Francisco, I would call attention to the parallels of fascist Nazi Germany to its war on the "one percent", namely its Jews, to the progressive war on the American one percent, namely the "rich."

This letter provoked widespread backlash across The Atlantic, The Independent, various bloggers, Twitter users, and among Perkins' peers in Silicon Valley. Though Perkins later apologized for likening contemporary class conflict to Nazi Germany, he upheld his argument regarding class-based demonization supplanting racial prejudice.

A month afterward, during an interview at the Commonwealth Club, Perkins proposed that voting rights should be weighted by tax contributions. He presented this idea humorously and acknowledged it was meant to be deliberately provocative.

Homes and yachts

Perkins maintained homes in Belvedere, Marin County, California, and spent part of each year at Plumpton Place, his Elizabethan estate located in East Sussex, England, previously owned by Led Zeppelin guitarist Jimmy Page. In 2010, he acquired the penthouse atop San Francisco’s financial district's Millennium Tower.

In July 2006, Perkins launched his sailing yacht The Maltese Falcon, which at that time was the largest privately owned sailing yacht worldwide. Initially listed for sale in 2006 at €99 million with 1,890 engine hours logged, he sold it in July 2009 for £60 million.

In 2011, he transformed a Japanese fisheries training vessel into an expedition yacht named Dr. No, outfitted to carry a "Deep Flight" submarine from Hawkes Ocean Technologies based in Richmond. The yacht’s website features footage showcasing deep-water encounters with Humpback whales near Tonga.

Death

Perkins passed away on June 7, 2016, at age 84 after a lengthy illness at his residence in Marin County, California.

Books

• Classic Supercharged Sports Cars (), published in 1984, showcases Perkins's assortment of classic automobiles from the pre-World War II era.
• Sex and the Single Zillionaire (), released in January 2006, marks Perkins's debut in romance fiction, drawing inspiration from a reality television concept. The earnings from this book were contributed to Harvard University.
• Valley Boy: The Education of Tom Perkins (), a memoir released in November 2007, explores his professional journey at HP alongside his personal endeavors; Perkins appeared on 60 Minutes to discuss the work.
• Mine's Bigger: The Extraordinary Tale of the World's Greatest Sailboat and the Silicon Valley Tycoon Who Built It, authored by Newsweek's David A. Kaplan, narrates the story behind Perkins' development of The Maltese Falcon. Published in 2007, it received the 2008 Gerald Loeb Award for best business book.