New Dell board down to three seats
Dell Inc would now have a tapered board composed of three members upon its privatization. The move was confirmed by people familiar with the discussion who sought anonymity as the matter was still not made public.
Dell CEO Michael Dell, Egon Durban and Simon Patterson, both from Silver Lake Management LLC, would be replacing the ten director board set up of the computer manufacturing firm.
The outgoing board set up was approved by the company shareholders in its final meeting as publicly registered company today at Dell's headquarters in Round Rock, TX. The vote also authorized executive pay packages was symbolic in nature as the USD24.9 billion leveraged buyout dea would be completed by the last week of October.
The new capital structure would see CEO Michael Dell own nearly 75% of the company while Silver Lake would own the remainder.
Silver Lake spokesperson Gordon Goldstein as well as Dell Inc representative declined to provide a comment on the said matter.