Michael Dell steps down as CEO

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Austin, Texas—Michael Dell stepped down as CEO of Dell Inc., passing the mantle on to Kevin Rollins, who will be president-CEO of the computer giant. Rollins, who was previously president-COO, will be the only other person besides Dell to hold the CEO title. Dell now becomes chairman of the board.

The announcement was made at the company's annual shareholder meeting Friday morning. Shareholders also elected Rollins to the company board.

"Today's change is primarily one of title, not of roles or responsibilities, so it won't alter the way Kevin and I run the business," Dell said in a statement. "However, the change is a very important and exciting milestone, our first transition of top leadership."

—Carol Krol

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