Re: IBM Names new CEO

Well, makes sense.  he wanted to get paid. :)

Adam Lang
Systems Engineer
Rutgers Casualty Insurance Company
http://www.rutgersinsurance.com
----- Original Message -----
From: "Dare @ Work" <oludare@ix.netcom.com>
To: <midrange-l@midrange.com>
Sent: Tuesday, January 29, 2002 2:35 PM
Subject: Re: IBM Names new CEO


> This is news to me guys.  Not long ago we were discussing reasons why
Louis
> was exercising his options with IBM stocks.  How about this new
development?
>
> Dare
>
> ----- Original Message -----
> From: "Pete Massiello" <pmassiello@os-solutions.com>
> To: <midrange-l@midrange.com>
> Sent: Tuesday, January 29, 2002 2:11 PM
> Subject: IBM Names new CEO
>
>
> > --
> > [ Picked text/plain from multipart/alternative ]
> >   ARMONK, N.Y. -- International Business Machines Corp. named Samuel J.
> > Palmisano chief executive, effective March 1, to replace Louis V.
> > Gerstner, who will remain chairman through the end of the year.
> >
> > The news resolves speculation about IBM's succession plans, as Mr.
> > Gerstner turns 60 years old March 1.
> >
> > Mr. Gerstner, who is credited with creating a remarkable turnaround at
> > IBM since he took the CEO job in 1993, had ducked questions on just when
> > he planned to step down.
> >
> > Mr. Gerstner's succession team was already in place. Mr. Palmisano, an
> > IBM lifer named president in 2000, was widely seen as the heir apparent.
> >
> > Although IBM's board will have the final say, company officials expect
> > 50-year-old Mr. Palmisano to replace Mr. Gerstner as chairman at the end
> > of 2002, a company spokeswoman said. Mr. Palmisano became president and
> > chief operating officer of the company in September 2000 after holding
> > leadership positions in almost all of IBM's operating units.
> >
> > In another executive change, IBM's John M. Thompson will retire as vice
> > chairman Sept. 1. His duties will be shared among "senior leaders" at
> > the company, the spokeswoman added.
> >
> > During his tenure, Mr. Thompson, 59 years old, also served as president
> > and chief executive of IBM Canada during the late 1980s.
> >
> > In midday trading on the New York Stock Exchange, shares of IBM (IBM)
> > fell $3.65, or 3.4%, to $104.50.
> >
> > Some IBM watchers had said they saw signs that Mr. Gerstner may stick
> > around past his 60th birthday, when his contract expires. The latest
> > indication: Mr. Gerstner sent an e-mail to executives Wednesday saying
> > that IBM's general counsel, Lawrence R. Ricciardi, 61 years old, is
> > retiring in July. Mr. Ricciardi is widely known as Mr. Gerstner's
> > consigliere.
> >
> > Mr. Gerstner joined IBM in 1993 in the midst of a financial crisis. He
> > is widely credited with transforming the company into a
> > "customer-focused global enterprise," according to an IBM press release.
> >  From April 1993, when he joined Big Blue, through year-end 2001, the
> > company's stock price increased by more than 800% and the market value
> > grew by $180 billion.
> >
> > Mr. Palmisano is credited with building up services, which has become
> > IBM's most significant business, and with developing a unifying strategy
> > for IBM's various server lines. During his tenure as head of IBM Global
> > Services, the unit's revenue grew nearly 30% to $32.2 billion.
> >
> > People who have watched the two men say their management styles are very
> > different. Mr. Gerstner is imposing and autocratic, Mr. Palmisano
> > gregarious but overtly competitive. With previous stints at management
> > consultant McKinsey & Co., American Express Co. and RJR Nabisco, Mr.
> > Gerstner was a computer-industry neophyte when he arrived in 1993 to
> > rescue IBM in the throes of a financial crisis.
> >
> > Mr. Palmisano, on the other hand, is an IBM lifer, having spent nearly
> > 30 years selling and developing information technology. He will take
> > over what is now one of the industry's most financially sound companies.
> >
> > Mr. Thompson was largely responsible for building IBM's software group
> > into a $13 billion business. He managed the company's acquisitions of
> > Lotus Development Corp. and Tivoli Systems.
> >
> > Copyright (c) 2002 Dow Jones & Company, Inc.
> >
> >
> >
> >
> > Pete Massiello
> > OS Solutions International
> > Phone: (203)-744-7854  Ext 11.
> > http://www.os-solutions.com
> > mailto:pmassiello@os-solutions.com
> >
> >
> > --
> >
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