DOW JONES NEWSWIRES
Dell Inc. (DELL) named Adobe Systems Inc. (ADBE) Chief Executive
Shantanu Narayen to its board, replacing Sallie L. Krawcheck.
Krawcheck, who has been a director at the computer maker since
July 2006, said her resignation will allow her to focus more on her
new job running the wealth-management operations at Bank of America
Corp. (BAC). Her resignation is effective Wednesday.
Krawcheck, a long-time banking-industry analyst, has been
mentioned as a possible replacement if Bank of America Chief
Executive Ken Lewis were to leave. She previously was chief
financial officer at Citigroup Inc. (C) and worked at its brokerage
subsidiary Smith Barney.
Narayen, 46, joins the board immediately and will stand for
election at Dell's next annual meeting. He has been chief executive
of Adobe since December 2007 and has worked there for 11 years.
"As CEO of one of the world's largest and most diversified
software companies, Shantanu will provide us with valuable insight
as we develop and deliver IT [information-technology] solutions to
customers," said Chairman and Chief Executive Michael Dell.
Last month, Dell reported its quarterly profit fell 23% as the
company continued to be squeezed by depressed corporate spending
and plunging prices for personal computers. The company last week
agreed to acquire Perot Systems Corp. (PER) for $3.9 billion,
becoming the latest technology company looking to expand beyond its
core operations amid the recession.
Dell's shares rose 1 cent to $15.18 in after-hours trading. The
stock has gained 48% this year but is down 1.5% from a year
ago.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357;
Kathy.Shwiff@dowjones.com
