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EMC, VMWare Swap Execs, Report Preliminary Earnings

NEW YORK (TheStreet) -- EMC (EMC) and its VMware (VMW) subsidiary announced executive changes at the top of each company on Tuesday and reported preliminary second-quarter results.

Pat Gelsinger, currently EMC president and COO of Information Infrastructure Products, will succeed VMware's Paul Maritz as CEO come September. Maritz will remain on the VMware Board of Directors and join EMC as Chief Strategist, reporting to CEO Joe Tucci. EMC's current CFO, David Goulden, will be EMC's COO starting in September. Like Maritz, Goulden will report to Tucci.

EMC reported earnings of 39 cents a share on revenue of approximately $5.31 billion. The earnings and revenue for the quarter were up 10% and 11%, respectively, over the same quarter last year. Analysts surveyed by Thomson Reuters expected earnings of 40 cents a share on $5.29 billion in revenue. EMC will announce final earnings for the quarter on Tuesday, July 24.

Palo Alto, Calif.-based VMware reported revenue of $1.123 billion, up 22% over the prior year's quarter, beating its guidance range of $1.1 billion to $1.12 billion. Analysts polled by Thomson Reuters had forecast earnings of 66 cents a share and revenue of $1.11 billlion this quarter. The company will announce final earnings for the second quarter on Monday, July 23.

Tucci noted that, after leaving VMware, Maritz will play an integral role at EMC.

"Paul Maritz is one of the brightest minds in the IT industry. He has created a compelling and lasting vision that has transformed VMware from a technology leader in virtualization to a category leader in cloud computing," Tucci said in the press release. "Paul leaves VMware in an enviable strategic position and in great financial health. We are delighted to have Paul join the leadership team at EMC and look forward to working with him as he leads our technology strategy and directs our efforts on Big Data and emerging applications."

Shares of EMC closed down 1.59% to $22.92, and VMware dropped 4.88% to $80.29. VMware has fallen over 27% over the last three months. Both stocks climbed in after-hours trade: Shares of EMC gained 7.68% to $24.68 on 1.5 million shares, while VMware rose 6.09%, last trading at $85.18 on just over 380,000 shares, according to Nasdaq.com.

--Written by Nathalie Pierrepont in New York.

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Stock quotes in this article: VMW, EMC 

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