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IBM names James Kavanaugh as new CFO


(Reuters) - said on Thursday will step down as and will be replaced by James Kavanaugh, effective Jan. 11.

Schroeter will take on a new role as senior vice president, Kavanaugh is currently senior vice president, and operations. (

Earlier in the day, reported, citing unnamed company insiders, that plans to reassign up to 30 percent of staff in its 103,000 computer service delivery business this year with job cuts through attrition of around 10,000. (

"We do not comment on speculation," an said, 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.

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.

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

(Reporting by in Frankfurt and Aishwarya Venugopal in Bengaluru; Writing by Patrick Graham; Editing by and Shounak Dasgupta)

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

First Published: Fri, January 12 2018. 03:29 IST