Michael Dell Steps Down as CEO

Computer giant Dell announced on Thursday that founder Michael Dell will step down as CEO in July. He will remain chairman of the $41.4 billion manufacturer/marketer, however, and will continue to be involved in its daily operations.

The board of directors, named president/chief operating officer Kevin Rollins the next CEO, effective at the annual shareholder meeting scheduled for July 16. The company said the change in titles reflects the work overseen by Dell and Rollins. While Dell has handled keeping up with customer preferences and research and development, Rollins has directed company strategy and operations.

Rollins will also replace Mort Topfer as director of the board. Topfer, a director since 1999 and a retired Dell executive, decided not to run for reelection.