Rollins To Remain As 'Transition' Advisor At Dell

In a filing with the U.S. Securities and Exchange Commission, the Round Rock, Texas-based company provided few other details except that Rollins' employment hasn't been completely severed. Last week, he quit as both CEO and a member of Dell's board of directors, and was replaced as CEO by Michael Dell, the company's founder and chairman.

"On January 31, 2007, the company announced that Kevin B. Rollins had resigned from his position as President and Chief Executive Officer, and as a member of the board of directors," Dell said in its mandatory 8-K filing with the SEC. "He remains employed as an advisor to the company during a transition period."

Rollins' departure as CEO followed by several weeks the resignation of former chief financial officer James Schneider, who remained on as a senior vice president at Dell, in an advisory capacity, until the end of last month.

Dell has not yet spelled out terms of any severance agreement with Rollins.

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The SEC and U.S. Attorney for the Southern District of New York are currently conducting investigations into Dell's accounting and financial reporting, and the company is facing the threat of being de-listed by the Nasdaq stock exchange. Dell is also slated to report earnings for its most recent quarter on March 1, but the company has said it expects to fall short of analyst expectations.

On Wall Street, Dell's shares Monday jumped 38 cents to close trading at $23.90. The gain followed a report by CS First Boston that raised its rating on Dell shares from "neutral" to "outperform" and suggested Michael Dell, in returning to the CEO post, could be interested in strategic acquisitions in areas including storage and servers.

A Dell spokesman said he could not comment beyond the information included in the SEC filing.