Michael Dell returns as Dell's CEO

Amidst intensifying competition between Dell and HP, Kevin Rollins has stepped down from his post as Dell's CEO. Replacing him is Dell founder Michael Dell, who had stayed on as chairman after handing the CEO post to Rollins in July 2004. Dell recently lost the number one PC maker spot to HP, and Wall Street has been "calling for [Rollins'] head for a long time," Endpoint Technologies Associates analyst Roger Kay told Reuters. Kay added that Dell needs to "bring in new people who are creative, energetic, who can bring spice to the company."

In the meantime, the PC maker's shares climbed 5% upon news of Michael Dell's return. However, the company expects financial results for its current financial quarter to fall below expectations—its third profit warning in three quarters. Dell's recent mass battery recall, as well as reports of poor customer service, have done little to improve its performance.

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