Dell Inc. founder Michael Dell will relinquish his chief executive officer (CEO) title to current president and chief operating officer Kevin Rollins, the company announced Thursday. Dell will remain chairman of the company’s board of directors.

Rollins was appointed CEO during a meeting of Dell’s board of directors in New York Thursday. The move will be effective as of the company’s July 16 shareholder meeting.

Dell will still be “deeply involved” in the day-to-day business of the company he founded as a college student in 1984, the Round Rock, Tex., company said in a statement.

Rollins and Dell have essentially shared power at the company for several years in an unusual arrangement for a company of Dell’s size. Rollins joined the company in 1996 as president of Dell Americas after leaving consultancy Bain & Co.

Dell focuses on technology trends and research and development, while Rollins heads up the company’s operations and future strategies, the company said.

Shareholders will also consider Rollins’ appointment to Dell’s board at the July meeting. Rollins would replace current board member Mort Topfer, a former Dell executive who decided not to stand for reelection, the company said.

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