Former Dell CEO to Receive $5 Million
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Former Dell CEO Kevin Rollins, who was ousted by the computer manufacturer's board at the end of January and replaced by company founder Michael Dell, won't leave empty handed: Rollins will receive a severance package that includes $5 million in cash over the next two years.
Along with dropping his CEO post, Rollins is set to leave Dell's board of directors on May 4; the separation agreement was signed last week, Dell said in a filing with the SEC. Rollins joined Dell in 1996 and was appointed CEO in July 2004. During his tenure, however, Dell was unable to retain its status as the leading PC manufacturer due to increased pressure from Hewlett-Packard.