Dell Inc. (NASDAQ:DELL) shareholders recently voted for their support of CEO and company founder Michael Dell. Unfortunately, one fourth of investors withheld the support of Michael Dell. About 378 million of the 1.5 billion votes opposed against Michael Dell’s position on the board.
In the past month, Dell settled with the SEC by paying $100 million over accounting fraud. Dell was accused of misleading investors by not disclosing that they receive regular payments from Intel for part of their financial performance.
Part of the evidence in the SEC case was e-mails from Michael Dell and other executives about how they depend on Intel’s rebates to meet Wall Street expectations. Michael Dell owns 11.7% of the company’s outstanding shares. This news is very similar to the disapproval that Jerry Yang received from shareholders after he refused to sell Yahoo! to Microsoft.