Tucci to Remain CEO Until February 2015

He is an abstract of a SEC filing just published by EMC Corp.

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, 65, EMC’s chairman and CEO.

The performance restricted stock units will vest only in the event that certain performance targets, including targets relating to total shareholder return, revenue and other metrics, approved by the Committee have been met for the calendar years 2013 and 2014.

The Committee expects to determine whether the performance targets have been met, in full or in part, in February 2015. If such targets are met, the performance restricted stock units will vest in February 2015.
 
On September 5, 2012, EMC entered into an amendment to the employment arrangement with Tucci. Under the arrangement, he will remain at EMC through at least February 2015.

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

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