Dell directors met with shareholders for the first time since uncovering a major accounting scandal at the company, announced a $10 billion stock buyback and said they believe their turnaround strategy is a long-term play. Michael Dell, chairman and CEO of the company, also declined to explain why shares of his company's stock dropped by 15 percent last week, after it reported its fastest earnings growth in about a year. But Dell said the company would stick by its rebound plans, which include a new engagement with commercial resellers.
"I think the confidence that you see from our board of directors is demonstrated by the additional approval to repurchase $10 billion of our company's stock," Dell said. During the session, Dell and CFO Donald Carty explained the company's strategy to rebound from two lackluster years of sales and earnings and market share losses, including a focus on aggressive growth in notebooks, simplifying IT in the enterprise and expanding beyond its direct-only focus.
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