Dell: Thank You for the Checklist

The honeymoon for returning CEO Michael Dell, however short, Spartan and investigation-laden it may have been, is officially over. While the WSJ gave the Round Rock founder a double-shot of recovery encouragement in reacting to the company's positive quarterly earnings less than two weeks ago, Steve Lohr administered 3,000-word, above-the-fold bucket of ice water via the NYT's Sunday business section.

Lohr's story actually serves as handy checklist for a genuine turn-around.

1. Re-interest consumers. 2. Fix the operational breakdowns. 3. Make the retail/direct hybrid work. 4. Reduce dependence on boxes by getting into services.

For his part, Dell holds his own, speaking just like a veteran CEO who knows exactly where he is.

He gives a genuine, but not unnecessarily disparaging, summary of why things went wrong.

"The company was too focused on the short term, and the balance of priorities was way too leaning toward things that deliver short-term results -- that was the major root cause."

He doesn't try to pass the buck, even though he wasn't the hands-on operator.

"I have a responsibility."

He tempers short-term expectations, but stays up-beat.

"Hey, we've got a lot of work to do, and we're just getting started."

And he effectively answers the question in the back of everybody's minds about whether he's still got the fire required after having stepped upstairs.

"I'm 42 years old. I think that would put me on the young side for C.E.O.'s. I don't think Sam Walton became a C.E.O. until he was 45."