Dell Inc. chief financial officer James Schneider is leaving the computer maker to join a start-up Texas banking company.
Mr. Schneider announced this week that he will be executive chairman at Frontier Bancshares Inc., a bank holding company in Austin where he is an investor. His last day at Dell will be Feb. 2.
Frontier was formed in January and it bought the $25 million-asset First Holland Bank, SSB for about $4 million in April, said James Dyess, Frontier's chief executive. He said Mr. Schneider "will add a ton of credibility to our organization and allow us to continue down the path of looking for more opportunities."
Frontier plans to grow by buying small, central Texas banks with $150 million of assets or less, Mr. Dyess said. It has about $7 million in capital and plans to raise more if an acquisition target is found.
Mr. Schneider joined Dell in 1996 and became CFO in 2000. Dell's bookkeeping is being investigated by the Securities and Exchange Commission and the U.S. attorney for the Southern District of New York. Mr. Schneider will be replaced by Donald Carty, a Dell board member and a former American Airlines CEO.
