Rollins Out; Michael Dell Returns as CEOBy Scott Ferguson | Posted 2007-01-31 Email Print
Updated: In recent months, the company has struggled as its market share has slipped and an SEC investigation into Dell's accounting and financial practices has dragged on.
Dell, which has watched as rival Hewlett-Packard has drained away its once dominant market share, announced late on Jan. 31 that its namesake founder will return as the company's CEO.
Michael Dell will return as the company's CEO immediately, the company said in a statement released Jan. 31. Kevin Rollins, who took over as CEO in 2004, has resigned as the CEO and will abdicate his spot on the company's board of directors.
The Round Rock, Texas, PC maker did not give a reason why Dell decided to return to the company he founded in 1984, but the statement suggested that the board felt the company had lost its direction.
"The Board believes that Michael's vision and leadership are critical to building Dell's leadership in the technology industry for the long term," said Samuel A. Nunn, the director of Dell's board, in a statement.
In addition to announcing Rollins' resignation, the company announced that both its revenue and earnings per share for its fourth fiscal quarter will be below the expectations of Thomson Financial.
Read the full story on eWEEK.com: Rollins Out; Michael Dell Returns as CEO.