You are here: Home » Reuters » News
Business Standard

IBM names James Kavanaugh as CFO, replacing Schroeter

Reuters 

By Sanjana Shivdas and Sonam Rai

(Reuters) - International Machines Corp document.write("");

N> said on Thursday will move to a new role and will be replaced by company veteran James Kavanaugh, effective Jan. 11.

Schroeter, who has been with the company for more than 25 years and has been chief for the last four years, will become senior vice president,

His replacement, Kavanaugh, joined in 1996 from and is currently a heading IBM's transformation efforts. (

While the announcement was unexpected, the logic behind the move is not and Kavanaugh would be a logical replacement for Schroeter, said.

Kavanaugh has deep roots in and has held various positions at At AT&T, he was the of the company's Global Services unit.

Schroeter, 53, will replace Bruno Di Leo, who is retiring after 42 years with the company.

"It's very common for to make senior executive changes at the start of the year, so this is not out of the ordinary in that sense," an told

Both Kavanaugh and Schroeter will report to

In his new job, Schroeter will be mostly responsible for sales in Japan, Asia Pacific, Latin America, China, and Africa, the said.

IBM, one of the world's original PC producers but now a broad-based producer, integrator and software maker, beat expectations for revenue in its last quarterly results in October after 22 straight quarters of declines.

Earlier in the day, reported, citing unnamed company sources, that plans to reassign up to 30 percent of staff in its 103,000 computer service delivery this year with job cuts through attrition of around 10,000. (http://bit.ly/2D0YMkl)

"We do not comment on speculation," an said, when asked about the report.

published a slide it said was from an internal document, which showed 10,100 classified as "attrition w/o backfill".

"Many consultants recommend things to IBM, many of which remain merely recommendations," said.

The company's shares were marginally down in after-market trading.

(Reporting by in Frankfurt and Aishwarya Venugopal in Bengaluru; Writing by Patrick Graham; Editing by Bernard Orr, and Diane Craft)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, January 12 2018. 06:02 IST
RECOMMENDED FOR YOU