Feeds

EMC's big kahuna Tucci threatens to cling on until 2015

Who will prise the CEO from his desk?

Top 5 reasons to deploy VMware with Tegile

Joe Tucci, the chairman and CEO of EMC, is staying on at least until 2015, dashing the hopes of company execs who have their eyes on the top job.

Joe Tucci, EMC, standingStorage giant EMC filed an 8K form with the US Securities and Exchange Commission that states Tucci will remain the head honcho until at least February 2015. However, the company added:

The Board anticipates that at some time prior to such date, Mr Tucci will fully transfer his role as CEO to a successor and become solely chairman of EMC and chairman of VMware, Inc.

Tucci will get richer too: "On September 5, 2012, the Leadership and Compensation Committee of the Board of Directors … of EMC Corporation … approved the grant of performance-restricted stock units with an economic value of $8 million to Joseph M. Tucci, EMC's Chairman and Chief Executive Officer."

The big "T" had previously said he'd stay on as CEO through to the end of 2013, and indicated a successor would come from inside EMC. Now he has said he'll give up the CEO job some time before February 2015, thirteen or so months later. EMC's share price jumped a dollar or so to $27.51 on the news.

Having the board chairman as the CEO is not helpful in this situation. The corporation has two CEO roles: one at virtualisation software subsidiary VMware, held by Pat Gelsinger, and at EMC itself, held by Tucci.

The El Reg storage desk reckons EMC shares could drop in value if Tucci steps down as CEO and decides to promote an EMC insider who is relatively unknown to investors and analysts. No clear successor has emerged.

Perhaps Tucci is waiting for Wall Street to warm to the idea of EMC president and chief operating officer David Goulden taking the top seat. Then if Goulden does become the new head honcho, it'll just a brass plaque replacement exercise on his office door and the share price will remain unaffected. ®

Choosing a cloud hosting partner with confidence

More from The Register

next story
Just don't blame Bono! Apple iTunes music sales PLUMMET
Cupertino revenue hit by cheapo downloads, says report
The DRUGSTORES DON'T WORK, CVS makes IT WORSE ... for Apple Pay
Goog Wallet apparently also spurned in NFC lockdown
Cray-cray Met Office spaffs £97m on VERY AVERAGE HPC box
Only 250th most powerful in the world? Bring back Michael Fish
Microsoft brings the CLOUD that GOES ON FOREVER
Sky's the limit with unrestricted space in the cloud
'ANYTHING BUT STABLE' Netflix suffers BIG Europe-wide outage
Friday night LIVE? Nope. The only thing streaming are tears down my face
IBM, backing away from hardware? NEVER!
Don't be so sure, so-surers
Google roolz! Nest buys Revolv, KILLS new sales of home hub
Take my temperature, I'm feeling a little bit dizzy
prev story

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
New hybrid storage solutions
Tackling data challenges through emerging hybrid storage solutions that enable optimum database performance whilst managing costs and increasingly large data stores.
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.