EMC Says CEO Joe Tucci to Remain Through at Least February 2015

EMC Corp. (EMC) said Chief Executive Officer Joe Tucci will remain at the company through at least February 2015 under an amended employment agreement.

The board expects Tucci to transfer his role as CEO to a successor and become solely chairman of EMC and majority-owned VMware Inc. (VMW) sometime earlier, the company said yesterday in a regulatory filing. EMC’s board also approved an $8 million grant to Tucci of restricted stock units, which are tied to performance targets, according to the filing.

EMC had previously said Tucci would remain CEO until at least the end of 2013. He has said his successor will probably be an internal candidate. A management shuffle between EMC and VMware in July left Tucci’s top lieutenants as EMC President and Chief Operating Officer David Goulden; Paul Maritz, who moved from VMware CEO to oversee EMC strategy; and Pat Gelsinger, who moved from EMC to run VMware.

When announcing the executive moves, Tucci, who has been CEO since 2001, made comments that indicated he wasn’t looking to leave Hopkinton, Massachusetts-based EMC any time soon. EMC shares are up 28 percent this year.

“I will not overextend my welcome by any means, but as long as I’m enjoying it, providing value, they want me, the board wants me -- I’m very energized so I’m not putting any firm end date in the sand,” he said in July.

-- Editors: Reed Stevenson, Stephen West

To contact the reporter on this story: Dina Bass in Seattle at dbass2@bloomberg.net

To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net

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