Aravindh Krishna to take over as new IBM CEO
International Business Machines Corp Chief Executive Officer Ginni Rometty will hand over the reins to the head of the company's cloud business, as the pioneer tech company continues its efforts to rejuvenate itself.
The company was a late entrant to the business of cloud services, a segment now dominated by Amazon.com Inc and Microsoft Corp , and Rometty, a 40-year IBM veteran and one of the highest profile women in U.S. business, bet on acquisitions to cut the lead.
During her eight years at the helm, the Big Blue completed 65 acquisitions, culminating in the $34 billion (26 billion pounds) deal for Red Hat last year - the biggest purchase in its 108-year history - while selling some of its legacy businesses.
She leaves on a recent high note, days after IBM reported its first revenue growth in six quarters, but shares have lost about a quarter in value since she took charge, and the turnaround she began remains a work in progress.