EMC Chief Puts Off Retirement
Tucci
Joseph Tucci must like his job as president and CEO of EMC Corp., the largest private employer in the region. Though he turns 65 this year, it appears the highest paid CEO in Central Massachusetts won't be retiring anytime soon.
EMC announced this month that Tucci will remain with EMC through at least February 2015, though he's expected to relinquish some duties before that time.
Was Tucci expected to retire before 2015?
Yes. EMC had announced three years ago that Tucci would remain onboard in both roles until 2012. But the company altered that arrangement in January when it announced Tucci would stay on through the end of 2013. This month's announcement said EMC's board of directors expects Tucci to transfer his role as CEO to a successor at some point prior to the end of 2015 and remain solely as chairman of EMC and its subsidiary, VMware Inc.
How long has Tucci been with the company?
Tucci has been CEO since 2001 and chairman of the board since 2006. He served as COO from 2000 to 2001.
Why does he keep delaying retirement?
EMC has kept its announcements about Tucci vague. But Tucci told the Wall Street Journal earlier this year that his team of executives asked him to stay and that the company's successes have made it hard to walk away.
How has EMC grown under Tucci's leadership?
Since Tucci took over as CEO, EMC's revenue has grown substantially, from $7.1 billion in 2001 to $20 billion in 2011.
Profits have also grown. While EMC booked losses in 2001 and 2002, the company crossed the $1-billion profit mark in 2005 and never looked back. In 2011, it crossed the $2-billion mark, earning $2.5 billion. Tucci made $13.2 million in salary, stock and other compensation last year.
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