8-KLeadership Changes

Dell Technologies Inc. 8-K Report, Executive Changes (Sep 26, 2023)

Filed September 26, 2023For Securities:DELL

Summary

Dell Technologies Inc. has filed an 8-K report detailing changes to its Board of Directors. Director Simon Patterson will resign effective September 26, 2023. In a strategic move to enhance board expertise, Dell has appointed Steven M. Mollenkopf to the Board, effective September 27, 2023. Mr. Mollenkopf brings significant experience, having previously served as CEO of Qualcomm Incorporated and currently holds a Senior Advisor role at Consello Group and a director position at The Boeing Company.

Key Highlights

  • 1Director Simon Patterson is resigning from the Board of Directors, effective September 26, 2023.
  • 2Steven M. Mollenkopf has been appointed to the Board of Directors, effective September 27, 2023.
  • 3Mr. Mollenkopf brings extensive leadership experience, including serving as CEO of Qualcomm from 2014 to 2021.
  • 4The appointment of Mr. Mollenkopf is intended to leverage his expertise in technology and leadership.
  • 5Mr. Mollenkopf has been determined to be an independent director under NYSE requirements.
  • 6As compensation for his service, Mr. Mollenkopf will receive a $100,000 cash retainer and a $225,000 equity retainer in restricted stock units.

Frequently Asked Questions

The filing states that Mr. Simon Patterson notified the Board of his intention to resign, but it does not provide specific reasons for his departure.

Mr. Mollenkopf has a strong background in the technology sector, having served as CEO of Qualcomm for seven years and holding various engineering and leadership roles there for over 25 years. He also currently serves as Senior Advisor to Consello Group and is a director at The Boeing Company, suggesting broad strategic and operational experience.

At the time of this filing, the Board had not yet determined any specific committees to which Mr. Mollenkopf might be appointed.

Mr. Mollenkopf will participate in Dell's standard compensation program for independent directors. This includes a $100,000 cash retainer and an equity retainer valued at $225,000 in the form of restricted stock units, with the final number of shares determined by the stock price on September 28, 2023. He also has options to elect deferred stock units or shares for his compensation.