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Dell’s ex-CEO rakes in $48m

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After taking a $5-million severance package six months ago, the ex-CEO of Dell, Kevin Rollins is now set to receive $48,5-million for his stock options.

According to Computerworld,  Dell plans to make the new payment within 45 days after filing a long overdue annual report for its 2007 fiscal year. It adds, however, that it is unclear when that will happen, since Dell has already missed deadlines for filing its past three quarterly earnings reports, called Form 10-Qs, and the annual report, Form 10-K. That behavior has earned the company a series of warnings that the Nasdaq stock exchange may stop trading Dell securities.
In its defence, Dell has said it can't file the missing papers until it completes an internal audit to comply with SEC regulations.
Yesterday, Computerworld says, the board explained that it had calculated Rollins' new payment of $48 462 495 by awarding him the cash value of his 7.4-million vested stock options. The company has frozen such in-the-money stock options for all its employees for the duration of its accounting investigation.