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Icahn, Southeastern prepare to oust Michael Dell

Shortlist for new CEO features high-profile tech leaders

If Icahn and Southeastern are successful in their proxy fight, they will remove Michael Dell from his position as CEO at the company he founded.
If Icahn and Southeastern are successful in their proxy fight, they will remove Michael Dell from his position as CEO at the company he founded.

Billionaire investor Carl Icahn and his Dell-bid partner Southeastern Asset Management Inc are preparing a shortlist of candidates for CEO of Dell Corp, Reuters reported over the weekend.

The Icahn-Southeastern consortium is engaged in a proxy battle for control of the world's third-largest PC maker after a decline in earnings led its founder and CEO-chairman, Michael Dell to make an offer to shareholders for their stock. The founder's intent was to take the company private and abandon manufacturing in favour of enterprise services, in an IBM-style business model.

A shareholder backlash over the perceived paucity of the Dell-Silverlake offer gave rise to other bids including that from Icahn and Southeastern, who have also assembled a list of 12 directors to replace the current Dell board.

Citing two sources, Reuters said the Icahn-Southeastern list included a number of high-profile tech leaders such as Cisco Systems Inc director Michael Capellas, former IBM Corp services head Michael Daniels, Oracle Corp President Mark Hurd and Hewlett-Packard Co PC chief Todd Bradley.