Tags: Exec | Dell | Post | Blackstone

Top Exec Leaves Dell for Senior Post at Blackstone

Monday, 07 Jan 2013 05:30 PM

 

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Michael Dell has lost one of the key lieutenants he recruited to help him turn around his ailing computer company.

David Johnson, Dell Inc.'s senior vice president for corporate strategy, has left to take a senior position with investment company Blackstone Group LP, according to Dell spokesman David Frink.

Johnson joined Dell in 2009 from IBM, where he served as head of mergers and acquisitions. IBM waged an unsuccessful legal effort to prevent Johnson from taking the job at Dell, citing a non-compete clause in an employment agreement.

Johnson was not available for comment on his new position on Monday. Officials at Blackstone could not be reached.

During his three years at the computer maker, Johnson oversaw some 20 acquisitions worth about $10 billion, according to Frink.

Johnson, who reported directly to Michael Dell, will be replaced by two vice presidents who will report to the company's chief financial officer, Brian Gladden.

"He leaves a strong and sustainable organization behind, one that will continue to execute our strategy and pursue our aggressive M&A activities," Frink said in a statement.

He is leaving at a tough time for Dell. Its stock has tumbled 30 percent over the past year, while the Nasdaq Composite Index has climbed 16 percent.

Dell's hardware sales have fallen as it has struggled to develop mobile devices to compete with Apple Inc's iPhone and iPad as well as smartphones and tablets running on Google Inc's Android operating system.

Business customers have generally cut back on buying of hardware from Dell and other suppliers in recent months until the economy shows new signs of strength.

In its most recent quarter, the company reported a 47 percent drop in quarterly profit. Once the world's largest maker of PCs, it has fallen to the No. 3 spot, behind Lenovo and Hewlett-Packard Co.

Vice President Chris Kleiman was named to run Dell's M&A team, while Vice President Prakash Jothee was picked to head up its corporate strategy team.

© 2014 Thomson/Reuters. All rights reserved.

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