CEO Tucci and Other EMC Execs Also Sell Shares in Firm
New filings posted at the SEC show that several more key officials of EMC (NYSE: EMC)—including CEO and chairman Joe Tucci—have exercised options and/or sold shares of the company’s stock.
Two days ago, we reported that six key company officials, including five executive vice presidents, had sold shares last Friday in what appeared to be a routine exercise of stock options. We also noted that Tucci had filed documents stating his intention to sell some of his stock, though at that point we could find no record of such a trade taking place.
The more recent filings, posted late Tuesday afternoon, show that a day earlier Tucci exercised options on 300,000 shares of company stock at $5.42 per share. He then sold 240,000 of those shares at $19.79. That would have netted him, not counting any fees or commissions, approximately $3.4 million on the cashed-in shares. Also moving shares around on Monday was another EVP, chief financial officer David Goulden, who appears to have exercised options on and then sold 100,000 shares (although we’re pretty sure there’s a typo misclassifying the former transaction as disposing of, rather than acquiring, shares). A third person selling stock on Monday was board member Michael Cronin (10,000 shares), CEO of Cognition Corporation, an engineering knowledge management company based in Bedford, MA.
For those of you interested in the technicalities, Tucci and Goulden’s transactions were part of Rule 10b5-1 trading plans, as were those of the five executive vice presidents who exercised options last week.
EMC shares closed Wednesday at $19.63, up 54 cents.