Dell drops 'computer'
Published: 21 Jul 2003 09:34 BST
Dell is changing its letterhead.
Dell shareholders on Friday voted to accept a motion by its board of directors to change the company's name to Dell Incorporated from Dell Computer. The change is effective immediately.
The Round Rock, Texas-based company's board felt the new name would more accurately reflect Dell's transition from a PC maker to a supplier of a much broader product line. Aside from its servers, Dell now offers a range of products that includes computing clusters and network storage systems, as well as the services to install and maintain them. Other new Dell-brand products include network switches, printers and personal digital assistants.
Dell shareholders also approved a new executive compensation plan that will grant the company's top executives an additional yearly bonus over the next four years, if the company meets predetermined goals during each year.
The bonuses range from 150 percent of base salary during Dell's fiscal 2004 to as much as 300 percent of base salary in fiscal 2007, the company said in a recent filing with the Securities and Exchange Commission.
Dell chief executive Michael Dell made a salary of $950,000 (£599,766) in fiscal 2003, while Dell president Kevin Rollins took home a salary of $771,000. The executives also received bonuses in excess of $2m each, according to the filing.
Dell's long-term financial goal, set down in April 2002, is to double its annual revenue to $60bn inside of 5 years.
The shareholder meeting took place on Friday morning in Austin, Texas, not far from Dell's headquarters.
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