Raymond James analyst Brian Alexander noted that four executives have left the EMC (EMC) and VMware (VMW) Federation in the past week, which he contends suggest that "major changes" are forthcoming and that a "transformative" deal is in the works. Following a new Re/code report that EMC's board is "actively considering" a downstream merger proposal under which it would be acquired by VMware, Alexander repeated his prior view that he does not expect that to happen. Alexander also repeated his suggestion that an acquisition of EMC by HP Enterprise (HPQ) would make sense, adding that the timing of the departures "lines up well" with a potential announcement before HP's analyst meeting, which is scheduled to be held on September 15. Note that Jefferies analyst James Kisner has also said previously that he thinks a merger with HP may be the most attractive option for EMC holders.