A top-level promotion has taken place at Emulex (NYSE:ELX). The company announced that it has appointed Jeffrey Benck to be its CEO, effective immediately. He replaces James McCluney, who was named executive chairman of the board. In turn, McCluney displaces ex-chairman Paul Folino, who is to continue to serve as a director.
Benck, who will also occupy a seat on the board, had been Emulex's COO since joining the company in 2008. He was appointed its president in 2010. Before Emulex, Benck had served in both capacities at QLogic. Earlier, he worked for 18 years at IBM, where he helped establish the storied tech giant's blade server line.
According to an SEC filing made by his current employer, Benck will receive an annual base salary of $510,000. He has also inked a new three-year severance agreement with the company.
Additionally, Emulex released its preliminary Q4 results. The company said it expects to land within its previously announced guidance by posting $119 million to $120 million in top line, and non-GAAP diluted EPS of $0.11-$0.13.
Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool owns shares of IBM. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.