| Michael Dell |
|
| Born |
February 23, 1965 (1965-02-23) (age 43)
Houston, Texas, U.S. |
| Occupation |
CEO and founder, Dell, Inc. |
| Net worth |
â–²$17.3 billion (2008)[1] |
| Spouse(s) |
Susan Dell |
| Children |
4 |
Michael Saul Dell (born February 23, 1965, in Houston, Texas) is an American businessman and the founder and CEO of Dell, Inc.
Biography
Early life and education
The son of an orthodontist,[2] Dell attended Herod Elementary School in Houston, Texas.[3]
Dell had his first encounter with a computer at the age of 15 when he broke down a brand new Apple II computer and rebuilt it, just to see if he could. Dell attended Memorial High School in Houston where he did not excel academically. During that time he did however exhibit formidable business instincts selling subscriptions for the Houston Post. Dell found $18,000 in an untapped customer base in newlyweds; those "windfall profits" earned him a BMW and a computer. [4]
Career
While at the University of Texas at Austin, he started a computer company called PC's Limited in his room in Dobie Center [5]. The company became successful enough that, with the help of an additional loan from his grandparents, Dell dropped out of the university at the age of 19 to run PC's Limited, which later became Dell Computer Corporation, then ultimately Dell Inc.
Over time, and despite a number of setbacks (including laptops that caught on fire in 1993, temporarily losing the consumer market to Gateway in the mid 1990s, and others), Dell survived the race to become the most profitable PC manufacturer in the world, with sales of $49 billion and profits of $3 billion in 2004. As Dell expanded its product line to more than computers, shareholders voted to rename the corporation Dell, Inc. in 2003.
On March 4, 2004, he stepped down as CEO of Dell but stayed as chairman of the board, while Kevin B. Rollins, then president and COO, became president and CEO.
On January 31, 2007, Michael Dell returned as CEO of Dell, succeeding Kevin Rollins (who resigned earlier in the day).[6]
Accolades for Dell include: "Entrepreneur of the Year" from Inc. magazine; "Man of the Year" from PC Magazine; "Top CEO in American Business" from Worth Magazine; "CEO of the Year" from Financial World and Industry Week magazines. At a speech before the Detroit Economic Club in November, 1999, Dell defined the "3 C's" of e-commerce (content, commerce, and community) while articulating his strategy for offering a superior customer experience online.[7]
He will appear in the upcoming film, The Sno Cone Stand Inc., in the Summer of 2008.
Wealth and Personal Life
As of 2008, Forbes estimates Dell's net worth at $17.3 billion.[1]
Dell currently resides in Austin, Texas with his wife, Susan, and their children.[8] They have four children: Kira, Alexa, and fraternal twins Zachary and Juliette.[9]
Philanthropy
On May 15, 2006, The University of Texas at Austin announced a $50 million grant from the Michael and Susan Dell Foundation to "bring excellence in children's health and education to Austin". The grant will enable the construction of 3 new facilities at the university. The first is the Dell Pediatric Research Institute which is expected to complement the new Dell Children's Medical Center nearby. The second is a new computer science building on the UT campus named Dell Computer Science Hall. The third is the Michael and Susan Dell Center for Advancement of Healthy Living, which is intended to address issues that affect healthy childhood development.[10]
In 2002 he received an Honorary Doctorate in Economic Science from the University of Limerick, in honor of his investment in Ireland and the local community along with his support for educational initiatives.[11]
Political Lobbying and Contributions
In 2005, Susan and Michael Dell were among 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush.[12] [13] [14]
MSD Capital
In 1998 Michael Dell founded MSD Capital LP, a private investment firm, to invest in various small companies on Dell's behalf. According to reports, the firm tends to invest in "late stage" investments rather than early in a company's startup.
Feud with Apple's Steve Jobs
Michael Dell had a public war of words with Apple, Inc. CEO Steve Jobs, starting when Jobs first criticized Dell for making "un-innovative beige boxes". On October 6, 1997, when Michael Dell was asked what he would do if he owned then-troubled Apple Computer, he said "I'd shut it down and give the money back to the shareholders."[15] In 2002, Dell's online store started selling Apple's iPod music players[16]. They stopped selling iPods in 2003, due to contract issues between Apple and Dell.[17] On January 13, 2006, Apple's market capitalization surpassed that of Dell [18] and, as of September 2008, now stands at over four times Dell's market cap[18].
References
- ^ a b The 400 Richest Americans: #11 Michael Dell - Forbes.com
- ^ Biography of Michael Dell
- ^ History of Our School
- ^ "Conde Nast Portfolio Executive Profile".
- ^ http://www.dell.com/downloads/global/corporate/speeches/msd/2003_05_17_msd_commencement.pdf
- ^ Dell Chief Is Replaced by Founder - New York Times
- ^ Dell, Michael. "Building a Competitive Advantage in an Internet Economy" (PDF). Retrieved on 2007-05-21.
- ^ Biographical details and interview
- ^ The Chronicle, 4/6/2006: A Focus on Efficiency
- ^ Warden, Michael L. (2006). "Michael & Susan Dell Foundation Grants $50 Million to University of Texas to Bring Excellence in Children's Health and Education to Austin". The University of Texas System - Press Releases. Retrieved on 2006-05-18.
- ^ http://www.ul.ie/main/news/dell.doc University of Limerick Press Release, 29 May 2002
- ^ Drinkard, Jim (2005-01-17). "Donors get good seats, great access this week", USA Today. Retrieved on 2008-05-25.
- ^ "Financing the inauguration", USA Today. Retrieved on 2008-05-25.
- ^ "Some question inaugural's multi-million price tag", USA Today (2005-01-14). Retrieved on 2008-05-25.
- ^ CNet
- ^ CNet
- ^ [1] AppleMatters.com
- ^ a b Gamet, Jeff. Apple Passes Dell's Market Cap, MacObserver, 2006-01-16
