Thursday, August 9, 2007

Dell's Rollins Gets $48M Parachute

Round Rock, Texas-based Dell disclosed today in an 8-K filing with the SEC, that it is paying former President and CEO Kevin Rollins $48,462,495 in cash, in a significant increase from a previously severance of $5M. Rollins, who resigned from Dell in January, gains the payment as a result of the company's Leadership Development and Compensation Committee, which said it would include additional expired options held by Rollins as part of a program to provide cash payments to certain current and former employees whose options are expiring due to Dell's failure to file its 10-K annual report. Dell said that Rollins will receive payment on or before 45 days after it has filed its fiscal 2007 annual report.