Dell CFO Quits, Replaced By Board Member Carty

Donald Carty, former chairman and CEO of AMR Corp. and a Dell board member since 1992, had been running a probe into Dell's financial reporting as chairman of the Audit Committee of Dell's board of directors -- but will leave that post to replace James Schneider as Dell CFO. Carty will also serve as vice chairman of Dell's Board.

Schneider, the company said, recently agreed to become Frontier Bancshares' Executive Chairman. He will stay with Dell through the end of Dell's fiscal year, the company said, and Carty will take over the new post on Jan. 1.

Replacing Carty as chairman of the Audit Committee of Dell's board will be Thomas Luce, another longtime board member who briefly left Dell to take over a top education post in the Bush administration. Luce quit his administration post earlier this year and rejoined the Dell board.

The high-level game of musical chairs takes place while Dell also faces probes, by the U.S. Securities and Exchange Commission and the U.S. Attorney for the Southern District of New York, into its financial reporting during prior years. The company has said the investigations involve potential accounting, reporting and accrual issues. Dell executives had asked Carty's Audit Committee to investigate some issues they discovered after the SEC launched an "informal" investigation. That probe has since become formal.

id
unit-1659132512259
type
Sponsored post

"Don has had a long association with the company and we are delighted that he is joining our senior leadership team," Dell Chairman Michael Dell said in a prepared statement.