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EMC plans to offer VMware shares in an IPO early this summer. (See EMC Offers 10% of VMware.)
EMC will float 10 percent of VMware in the form of new VMware shares. There will be no tax implications and the move should not affect EMC earnings, execs said.
CEO Joe Tucci was adamant on a conference call today that there will be no further spinoffs of other EMC properties. EMC will also hold onto the remaining 90 percent of VMware. "We have no intention of spinning out or otherwise divesting this ownership interest," said Tucci. "Long term, we plan on holding onto this precious asset."
Tellingly, Tucci was cagey when asked about the potential for EMC spinoffs at yesterday's RSA conference in San Francisco. During a press conference after the keynote speech by RSA president Art Coviello, Tucci wouldn't answer the question directly, and he warned the audience to take care to listen to his wording very closely. (See Tucci Aims for 'One EMC'.)
EMC's move makes sense. Nine years after VMware's founding, and three years after its acquisition for $635 million by EMC, the virtualization trailblazer has shown dramatic growth, more than doubling its revenues in the last three years.
With the move to the cloud, CISOs must shift priorities from operating security programs to overseeing (monitoring and auditing) outsourced cybersecurity programs.
2022 was a boon year for IT salaries. 2023 came in like a beast with layoffs, raise freezes, and ChatGPT, but that beast has few teeth.
Age is only a number. Don't let a high number cancel your career.
