Tech Giant EMC Appoints New President

EMC (NYSE: EMC), the storage tech giant, promoted its CFO David Goulden to the role of president and COO. Pat Gelsinger, president and COO of EMC Information Infrastructure Products, has moved to take the chief executive job at VMWare (NYSE: VMW), the virtualization software company of which EMC is the controlling shareholder.

EMC also took the chance to pre-announce earnings which were slightly ahead of expectations and drove shares higher by 5% in the after market.

EMC reported preliminary second-quarter 2012 results which included record Q2 consolidated revenues of approximately $5.31 billion, up 10% over Q2 2011, and record Q2 non-GAAP earnings per weighted average diluted share (EPS) of $0.39, up 11% over Q2 2011. EMC continues to expect to achieve its full-year 2012 goals of $22 billion in revenue and non-GAAP EPS of $1.70.

“EMC and VMware have delivered strong results over the past decade and have
developed world-class management teams,” said Joe Tucci, EMC Chairman and CEO.
“Today we are witnessing an extraordinary transformation in the IT industry
unlike anything we have seen before – a major shift to Cloud Computing, Big Data
applications and delivering IT-as-a-Service. To capitalize on this tremendous
opportunity we are positioning our executive talent so that we can benefit from
their exceptional professional strengths with the goal of further advantaging
EMC and VMware to deliver long-term value to our respective shareholders.”

Douglas A. McIntyre

[UPDATE: Note, this post was changed to clarify the former position held by Pat Gelsinger.]