Core Assets and Expanding Products and Services Capabilities To Drive Dellís Long-Term Value Creation
Dellís strong core assets, along with an expanding product portfolio and capabilities, are positioning the company well to meet customer requirements for information technology, especially in enterprise computing, Michael Dell, chairman and CEO, and Brian Gladden, Dell chief financial officer, told shareholders today at the companyís annual shareholder meeting.
Mr. Dell described the companyís focus on enhancing its core business and extending its expertise in delivering enterprise solutions while continuing to drive a consistent and disciplined operating agenda that balances liquidity, profitability and growth. Dell believes it can apply expanded capabilities more efficiently than ever through its new, global business units focused on customer needs in four distinct areas: large enterprises, public institutions, small and medium businesses, and consumers.
Mr. Gladden described how Dell has protected its strong balance sheet and financial flexibility, improved its working capital focus, and significantly reduced its cost structure, while prioritizing profitability. He reiterated Dellís commitment to reach its target of more than $4 billion in annualized savings by the end of fiscal 2011.
Mr. Gladden also told shareholders that Dell is working to recapture leadership through improved product design and next-generation enterprise solutions, while evaluating investments that shift the companyís portfolio to higher-margin offerings.
In formal business at todayís meeting, shareholders:
* Elected 10 company directors: James W. Breyer; Donald J. Carty; Michael S. Dell; William H. Gray, III; Sallie L. Krawcheck; Judy C. Lewent; Thomas W. Luce, III; Klaus S. Luft; Alex J. Mandl; and, Samuel A. Nunn, Jr.;
* Rejected a shareholder proposal regarding reimbursement of certain proxy expenses incurred in connection with a stockholder-proposed director nomination;
* Approved an advisory shareholder proposal to adopt simple majority voting for amending certain provisions of the companyís bylaws; and,
* Ratified PricewaterhouseCooperís LLP as Dellís independent auditor for fiscal 2010.
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