Dell ( DELL) founder Michael Dell will hand over his chief executive title to Kevin Rollins, who is currently the president and chief operating officer, the company said Thursday.

Wall Street reaction was muted, since the changeover was not unexpected. Dell shares were recently down 21 cents, or 0.6%, to $32.92.

Rollins will officially become CEO at the company's July 16 annual meeting of shareholders. A press release said Michael Dell will "remain deeply involved in the company's day-to-day business as chairman of the board."

Dell will focus on trends in technology and customer preference, including research and development, while Rollins will head up corporate strategy and operations.

"I don't know if anybody was really writing about it, but I don't think it's a huge surprise," said Michelle Gutierrez, an analyst at Schwab Soundview Capital Markets. "They've been planning a succession, and Rollins has longtime been groomed for the position. Dell will still be playing a very active role. I think this is basically a title change." (Schwab Soundview doesn't provide investment banking services.)

Dell, who turned 39 in February, has headed up the company since he founded it in 1984.

Rollins joined Dell in April 1996. Before that, he was vice president and partner of Bain & Co. management consultants, where he focused on corporate strategy and management for high-tech and consumer product firms. According to Dell's corporate Web site, during Rollins' tenure the company's revenue has increased from $5 billion in 1996 to $41.4 billion in its most recent four quarters.

Rollins will also be nominated for election to the Dell board of directors at the annual meeting. He would succeed Mort Topfer, who has chosen to not run again.