Late breaking news: Thats right folks, Michael Dell is no longer the CEO of Dell Computers.

The board of directors, meeting in New York, named Rollins CEO effective at the annual shareholder meeting July 16. Rollins also will be nominated to Dell's board at the annual meeting.

Dell, who founded the company 20 years ago while a student at the University of Texas, will remain deeply involved in day-to-day business as chairman, the company said.

Bad time to be a CEO it seems, at least in this case it is what Michael Dell wants (or is it?)