IBM, the pioneer in the tech industry, has announced the appointment of Indian origin Anand Krishna as the new CEO of the company replacing current CEO Virginia Rometty. Krishna heads the IBM cloud unite right now and played a pivotal role in the acquisition of Red Hat that IBM procured last year.
Anand Krishna named as New CEO of IBM
Anand Krishna spearheaded the Red Hat deal with IBM, where he proposed the deal to the Board by strongly recommending the acquisition to be instrumental for the company’s growth. He has played a critical role in the development of the latest technologies like quantum computing, Ai, and cloud offerings by the company.
A statement released by the company said,
“He is an authentic leader who lives the values of IBM and has taken on ever-increasing responsibilities across the company,
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Virginia Rometty Moves out after Long association with IBM
Virginia Rometty will serve the company till the end of this year as the CEO. She will be retiring as the CEO after the work experience of almost 40 years with IBM.
Virginia set the record by being the first female CEO of the company and set the stakes of the company in the hybrid cloud that allowed the businesses to store data in the private and public cloud network.
Krishna Appointment: A welcome change
The announcement is as the much-needed leadership change in the company as termed by the experts and analysts.
“At least that’s how we’re looking at it — and the market seems to agree.” says the Wedbush Securities analyst, Moshe Katri.
IBM Sales Plummeted in last few years
IBM stopped its PC business in 2005, which led to a decreased trade and could not establish itself the seller of high-end services like Cloud computing and data analytics. However, under the leadership of Rometty, IBM sales did not go down for a long time, and stock buyouts regained company earnings.
Rometty’s Challenging Term
The jobs were shifted offshore, and Rometty undertook massive cost-cutting measures.
Rometty expanded the company’s stake in AI and cloud computing; she disinvested underperforming businesses and attempted to streamline IBM offerings. However, the company sales did not rise, and for 17 quarters, IBM shares declined in their value.
Analysts and Experts Look forward to Krishna’s leadership
Krishna also spearheaded the company approach to the hybrid computing that shifted to working with the competitors. Experts say that Krishna’s openness and an exceptional ability to work with diverse people is an excellent prospect for IBM.