Dell's Rollins walks with $5M
Former CEO agrees to $5 million severance package after 2-1/2 years at the helm.
NEW YORK (CNNMoney.com) -- Personal computer-maker Dell said Tuesday former Chief Executive Kevin Rollins will receive a $5 million severance package, according to a filing with the Securities and Exchange Commission.
Rollins resigned as president and CEO on Jan. 31 but remains employed as an adviser to the company. He will continue to receive his current salary and benefits until his termination in May.
According to the SEC filing, Rollins will receive five payments totaling $5 million between May 4, 2007 and April 15, 2008. Rollins also agreed to certain noncompetition and nonsolicitation obligations for one year after his termination.
Founder Michael Dell, 41, retook the helm of the struggling computer-maker on Jan. 31, replacing Rollins as CEO. (Full story.)