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Apathy
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Joined: 15 May 2003
Posts: 480
Location: NOT at TMC any more
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 Posted: Mon May 19, 2008 11:12 am Post subject: Dell CFO Carty resigns, Gladden named successor |
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| Quote: | Dell CFO Carty resigns, Gladden named successor
Monday May 19, 11:43 am ET
By David Koenig, AP Business Writer
Dell Chief Financial Officer Don Carty resigns, Brian Gladden to succeed
DALLAS (AP) -- Dell Inc. said Monday that Donald J. Carty, hired as chief financial officer a year and a half ago to help lead the computer maker's turnaround, will resign in June and be replaced by a longtime General Electric Co. executive.
Brian T. Gladden, chief executive of SABIC Innovative Plastics Holding BV, formerly called GE Plastics, will join Dell on Tuesday and succeed Carty as CFO on June 13.
Dell, which has fallen behind Hewlett-Packard Co. in shipments of personal computers, is expanding beyond its phone and Internet sales to include selling machines through retailers, and is pushing to expand in emerging markets such as China. The company has also been cutting jobs and closing some call centers.
Gladden, 43, said he was "excited to be joining Dell at a time of transformation." He held a series of financial and management jobs at GE and has served as president and CEO of SABIC, which makes polymers used by electronics, office equipment, computer and auto manufacturers, since that company was formed last August.
Dell will pay Gladden a $700,000 annual base salary and a minimum target bonus of the same amount next March, plus a $2 million signing bonus, 223,000 restricted shares of stock and options on 922,000 shares, according to a company filing with the Securities and Exchange Commission.
Dell spokesman David Frink said Carty, 61, was not pushed out. He said Carty indicated several months ago that he wanted to retire as CFO, and the company hired the executive search firm of Heidrick & Struggles, which brought Gladden to Dell's attention.
Carty will remain on Dell's board.
Carty was CEO and chairman of American Airlines and its parent, AMR Corp., until being ousted in early 2003 during a fight with labor unions over secret pension perks paid to senior executives. He has been a Dell director since 1992, and joined the company as CFO on Jan. 1, 2007.
In a statement, Chairman and CEO Michael Dell said Carty played a key role in re-establishing the transparency and integrity of Dell's finances.
Carty replaced James M. Schneider as CFO shortly after the company acknowledged that the Securities and Exchange Commission and a U.S. Attorney in New York launched investigations into accounting issues.
The company restated results from 2003 through 2006 with lower earnings and spent tens of millions on an internal probe which found that employees had misled auditors and manipulated results to meet performance targets.
Besides Carty, Dell hired top executives from General Motors Corp., HP and other companies, and founder Michael Dell moved back into the CEO's role after the departure of Kevin Rollins in January 2007.
Shares of Round Rock, Texas-based Dell fell a penny to $21.30 in late morning trading Monday. |
http://biz.yahoo.com/ap/080519/dell_cfo.html?.v=4
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A: Until proven otherwise, Assume EVERYTHING coming from Dell Management is a lie. |
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rustyboots
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Joined: 06 Jul 2005
Posts: 194
Location: Round Rock
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| Posted: Mon May 19, 2008 4:16 pm Post subject: |
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| Quote: | | Dell will pay Gladden a $700,000 annual base salary and a minimum target bonus of the same amount next March, plus a $2 million signing bonus, 223,000 restricted shares of stock and options on 922,000 shares, according to a company filing with the Securities and Exchange Commission |
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Signing Bonus? Does this guy also get a "no cut" contract like pro athletes?
If only they would get rid of Carty. The guy tried to screw the employees at American Alirlines and I wouldn't be suprprised to see the Dell employees will get screwed by his actions in some way. But then Dell screws employees anyway you look at it.
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Rocke_T_Sinetist
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Joined: 26 Aug 2005
Posts: 2590
Location: DFW airport
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| Posted: Mon May 19, 2008 4:30 pm Post subject: |
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The more riddance they (or anyone) make of Carty, the better. Not that throwing away one moldy strawberry makes the other moldy ones any better.
There are at least 100 legitimate efficiencies AMR could implement, just by looking at their nearest neighbor, Southwest. SW has always been profitable, AMR has never been in recent memory. SW doesn't buttfuck employees to do it either. (I live within 10 miles of both their headquarters.)
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as in, 'it doesn't take a...' |
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Starman97
Hates with a Vengance
Joined: 05 Feb 2007
Posts: 93
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| Posted: Mon May 19, 2008 9:51 pm Post subject: |
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| Wonder if they'll buy out and give Carty all his options like they did for Rollins. And then bitch about how Dell's opex is too high. |
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