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" <firstname.lastname@example.org> To: <email@example.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" <firstname.lastname@example.org> > To: <email@example.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:firstname.lastname@example.org > > > > > > -- > > > > _______________________________________________ > > This is the Midrange Systems Technical Discussion (MIDRANGE-L) mailing > list > > To post a message email: MIDRANGE-L@midrange.com > > To subscribe, unsubscribe, or change list options, > > visit: http://lists.midrange.com/cgi-bin/listinfo/midrange-l > > or email: MIDRANGE-Lemail@example.com > > Before posting, please take a moment to review the archives > > at http://archive.midrange.com/midrange-l. > > > > _______________________________________________ > This is the Midrange Systems Technical Discussion (MIDRANGE-L) mailing list > To post a message email: MIDRANGE-L@midrange.com > To subscribe, unsubscribe, or change list options, > visit: http://lists.midrange.com/cgi-bin/listinfo/midrange-l > or email: MIDRANGE-Lfirstname.lastname@example.org > Before posting, please take a moment to review the archives > at http://archive.midrange.com/midrange-l. > >
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