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From the News Desk
Friday, 10. August 2007
Ex Dell CEO Gets USD 48.5M
Former Dell Inc, CEO Kevin Rollins who was ousted six months ago following depleting market share will get USD 48.5 million for his stock options.
Round Rock, Texas based Dell said Rollins, who was replaced by company founder Michael Dell, will be getting the compensation which is far greater than Rollins' original severance package of just USD 5 million, to be paid in installments through April 2008.
Dell plans to make the new payment within 45 days after filing a long overdue annual report for its 2007 fiscal year, the company said in a filing to the US Securities and Exchange Commission (SEC).
Rollins is a former management consultant who joined Dell in 1996 and grew the ranks over the years before becoming the CEO in July 2004. He stepped down at the end of January 2007 when company founder Michael Dell returned to day-to-day management, pledging to recapture Dell's market position and profitability, fend off an investor lawsuit and cooperate with the SEC probe. Dell lost its position as the world’s top computer maker to HP-Compaq combine.
Upon his return as the CEO, Michael Dell made a number of swift changes, replacing much of his senior management team and eliminating salary bonuses. He began selling Dell PCs in Wal-Mart and other retail stores, breaking with the famous direct sales model that once allowed the company to grow so fast. In another major change, Dell, which has made very few acquisitions earlier, has recently bought companies such as SilverBack Technologies Inc., the ASAP Software division of Corporate Express NV, and Zing Systems Inc.
Round Rock, Texas based Dell said Rollins, who was replaced by company founder Michael Dell, will be getting the compensation which is far greater than Rollins' original severance package of just USD 5 million, to be paid in installments through April 2008.
Dell plans to make the new payment within 45 days after filing a long overdue annual report for its 2007 fiscal year, the company said in a filing to the US Securities and Exchange Commission (SEC).
Rollins is a former management consultant who joined Dell in 1996 and grew the ranks over the years before becoming the CEO in July 2004. He stepped down at the end of January 2007 when company founder Michael Dell returned to day-to-day management, pledging to recapture Dell's market position and profitability, fend off an investor lawsuit and cooperate with the SEC probe. Dell lost its position as the world’s top computer maker to HP-Compaq combine.
Upon his return as the CEO, Michael Dell made a number of swift changes, replacing much of his senior management team and eliminating salary bonuses. He began selling Dell PCs in Wal-Mart and other retail stores, breaking with the famous direct sales model that once allowed the company to grow so fast. In another major change, Dell, which has made very few acquisitions earlier, has recently bought companies such as SilverBack Technologies Inc., the ASAP Software division of Corporate Express NV, and Zing Systems Inc.
