IBM announced on Thursday that its board of directors has selected Arvind Krishna as Chief Executive Officer of the company and a member of the Board of Directors, effective April 6.
The company’s current CEO Virginia Rometty will continue as Executive Chairman of the Board through year-end. She will then retire from the company, IBM added.
“Arvind is the right CEO for the next era at IBM,” said Rometty in the press release. “Through his multiple experiences running businesses in IBM, Arvind has built an outstanding track record of bold transformations and proven business results, and is an authentic, values-driven leader. He is well-positioned to lead IBM and its clients into the cloud and cognitive era.”
Krishna is currently the head of IBM’s Cloud and Cognitive Software business. He was the principal architect of IBM’s acquisition of Red Hat, the company said.
IBM also said that James Whitehurst, its senior vice president and the CEO of its recently acquired Red Hat unit, will become IBM President in April.
IBM shares rose 3.9% to $142.05 in late trading on Thursday after the announcement.
In November, Barron’s named Rometty as a CEO likely on the way out.
As Barron’s noted last week, IBM shares have significantly underperformed during Rometty’s tenure as chief executive, which started in January 2012. The company’s stock return, which includes dividends, has been -4%, versus a 208% return for the S&P 500.
Write to Tae Kim at tae.kim@barrons.com
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IBM Stock Gains as CEO Virginia Rometty Steps Down - Barron's
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