Shareholders of PC maker Dell Inc. (DELL) on Friday elected 10 directors at the company's annual shareholder meeting. They also rejected a shareholder proposal regarding reimbursement of certain proxy expenses incurred in connection with a stockholder-proposed director nomination.
At the meeting, shareholders elected James Breyer, Donald Carty, Michael Dell, William Gray III, Sallie Krawcheck, Judy Lewent, Thomas Luce III, Klaus Luft, Alex Mandl and Samuel Nunn, Jr. As directors.
Additionally, the shareholders approved an advisory shareholder proposal to adopt simple majority voting for amending certain provisions of Dell's bylaws. They also ratified PricewaterhouseCooper's LLP as Dell's independent auditor for fiscal 2010.
At the meeting, Michael Dell, chairman and CEO, explained the company's focus on increasing its core business as well as extending its expertise in delivering enterprise solutions. Dell believes it can apply expanded capabilities more efficiently than ever through its new units focused on customer needs in large enterprises, public institutions, small and medium businesses, and consumers.
Brian Gladden, Dell's chief financial officer, reiterated Dell's commitment to reach its target of more than $4 billion in annualized savings by the end of fiscal 2011.
The company recently said it expects a slight sequential increase in revenues in fiscal second-quarter 2010. The PC maker, however, warned that its gross margin for the quarter would be hurt by factors including higher component cost and other unfavorable conditions created by the economic crisis.
Dell is currently trading at $12.74, down $0.01 or 0.08%, on 6.29 million shares.
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