Ginni Rometty, IBM's first female CEO, took over a company that had fallen behind in the cloud computing race. With IBM finally returning to growth, she is stepping aside.
IBM Corp. has named Arvind Krishna as chief executive, replacing longtime CEO Virginia “Ginni” Rometty.
Krishna is currently the head of IBM’s cloud and cognitive software unit and was a principal architect of the company’s purchase of Red Hat, which was completed last year. Rometty, 62, will continue as executive chairman and serve through the end of the year, when she will retire after almost 40 years with the company, IBM said in a statement Thursday. Its shares rose about 5% in extended trading.
Rometty stayed at IBM past the normal tenure for chief executives and the average retirement date. Three of the four IBM CEOs that preceded her retired at 60. James Whitehurst, CEO of Red Hat, was named IBM’s new president. There was much speculation on Wall Street that Whitehurst was in the running for the top job.
Krishna, 57, was the mastermind behind the Red Hat deal. He proposed the acquisition to Rometty and the board, suggesting hybrid multi-cloud is the company’s best bet for future growth. He has led the development of many of IBM’s newer technologies such as artificial intelligence, cloud and quantum computing.
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