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“This is what companies do when they reinvent themselves,” Mr. Kagan added. “They have to do it offstage. If you reinvent onstage, everybody’s a critic and the show will close.”

This move will free Dell to focus on long-term success.

“The markets are changing rapidly, and they don’t have time to do this slowly,” Mr. Baker explained. “They can be quicker and more nimble as a private company.”