EMC Promotes Tucci to CEO; Ruettgers Becomes Executive Chairman
--From AOL.-- Cooters
Hopkinton, Massachusetts, Jan. 17 (Bloomberg) -- EMC Corp., the No. 1 maker of corporate computer data-storage systems, named president and chief operating officer Joseph Tucci chief executive, replacing Michael Ruettgers, who will become executive chairman.
Tucci, 53, joined EMC in January 2000 from Wang Global, where he was chairman and chief executive. Ruettgers, 58, joined EMC in 1988 as executive vice president and was promoted to chief executive in 1992. EMC co-founder and chairman Richard Egan will be become chairman emeritus.
EMC sells vending-machine-size devices and sophisticated software that let corporations store, process and retrieve large amounts of information contained in databases, e-mail and software programs. Under Ruettgers, sales have surged as businesses buy the devices to house reams of information generated by the Internet. The company competes with International Business Machines Corp., Hewlett-Packard Co., Compaq Computer Corp. and others.
The shares of Hopkinton, Massachusetts-based EMC rose $2.44 to $72.31. They have fallen 31 percent from a record $104.94 on Sept. 25. The shares were the second-best performer on the Standard & Poor's 500 index in the 1990s.
Jan/17/2001 18:58 ET |
