Akers moves to speed split of IBM units
Article Abstract:
Outgoing IBM CEO John F. Akers is accelerating plans to split off the company's disk-drive and personal computer businesses. Since early 1992, Akers has overseen a reorganization of IBM into 12 increasingly autonomous groups. However, critics say the groups are still too tightly linked with each other and IBM headquarters. Recently, Akers told the company's top managers that he has hired the Boston Consulting Group and Morgan Stanley and Co to help with the divestment process. Akers has named IBM's personal-computer and disk-drive businesses as the first targets of the new effort, which could include outside investors or the issuance of new securities. The two consulting firms will have to deal with federal requirements that subsidiaries have three years of audited results prior to any public offering. IBM did not begin keeping separate books for its autonomous groups until 1993.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1993
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Apple's chairman drops out of race for IBM's top post
Article Abstract:
Apple Chmn John Sculley removes himself from the competition to succeed John Akers as chief executive officer of IBM. One day earlier, AlliedSignal Chmn Lawrence Bossidy has also pulled his name from contention. Both men were seen as prime contenders for the job. Their withdrawals suggest that IBM, which would not comment on the executive search, is near a final decision. IBM's top candidates are said to include Perot Systems Corp's Morton Myerson, Motorola Inc's George Fisher and RJR Nabisco Holdings Corp's Louis Gerstner. All three decline to comment on IBM's search. Apple officials downplay rumors that Sculley had failed to make the IBM search committee's final cut.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1993
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Comment about this article or add new information about this topic:
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