In the earliest versions of Unix, the shell didn't fork to run programs. It would exec the program, and then the program would exec the shell instead of exiting. Makes sense, right? That's what you'd do if you didn't have an operating system at all, and it's how, for example, CP/M worked. So you could write "cd" as a non-built-in command.

But it sounds like the other commenters have figured out that it's "pack directory".