In a surprise move, Plano, Texas-based Perot Systems Corp. announced Friday that Ross Perot Jr. had dropped CEO from his title at the Plano, Texas computer services firm and given up the founding family’s operational control of the company.
Peter Altabef, 45, the company’s general counsel, succeeds Mr. Perot as president and chief executive. Mr. Altabef has been a Perot Systems executive for 11 years, since joining the company from the Dallas office of law firm Hughes & Luce LLP, which has long been the Perot family’s law firm. Del Williams, a longtime Perot family friend, succeeds Mr. Altabef as general counsel.
Mr. Perot, 45, will become chairman of the company, succeeding his father, Ross Perot, Sr., 74, who becomes chairman emeritus. The changes in top management allow the Perots to maintain input into the strategic direction of the company while leaving day-to-day management decisions to others.
Mr. Perot Sr. founded Perot Systems in 1988 after leaving his first company, Plano-based Electronic Data Systems Corp, which he sold to General Motors in 1984 in a $2.5 billion deal. Mr. Perot is generally credited with inventing the computer services industry.
Mr. Perot, Jr. is also chairman of the real estate investment company he founded, Hillwood Development Corp. He took the Perot Systems reins from his father in 2000 and earned generally positive performance reviews from on Wall Street.