Michael Dell Stepping Down As CEO

Twenty years after founding Dell, Michael Dell will transfer the title of chief executive officer to Kevin Rollins, with whom he has led the world’s fastest growing, most profitable computer systems company since 1997.

Dell’s board of directors, meeting today in New York City, appointed Rollins CEO effective at the company’s July 16 annual meeting of shareholders. Mr. Rollins, currently president and chief operating officer, will become president and chief executive officer. He will also be nominated for election to the Dell board at the annual meeting.

Dell will remain deeply involved in the company’s day-to-day business as chairman of the board, leaving intact a unique, successful “two-in-a-box” senior-management structure. The company said the pending title change is consistent with current primary roles: Dell emphasizing trends in technology and customer preference, including research and development, Rollins leading company strategy and operations.

Rollins would succeed Mort Topfer on Dell’s board of directors. Topfer, a director since December 1999, has chosen not to stand for re-election. A former executive of the company, he retired from Dell in December 2001.

In its fiscal year ended Jan. 30, Dell achieved record product shipments, revenue, operating and net income, and earnings per share. The company marks its 20th anniversary in May.

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