Dell to Pay $5 Million to Former CEO Kevin Rollins
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Dell Inc. (DELL) said Tuesday it will pay $5 million in severance to former Chief Executive Kevin Rollins after he was replaced by founder Michael Dell in January.
Dell, the world's second-largest personal computer maker, will make the payments in five $1 million installments from May 4, 2007 to April 15, 2008, according to a Dell filing Tuesday with the U.S. Securities and Exchange Commission.
Rollins left Dell on Jan. 31 after a string of disappointing financial results and amid investigations into the company's accounting. Founder and Chairman Michael Dell, 41, retook the CEO job that Rollins had held since 2004.
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Rollins remains employed as an adviser to the company through May 4 and will receive his current annual salary and benefits until the end of his employment, Dell said.