IBM's Lautenbach says he will retire, tightening up race to succeed Akers
Article Abstract:
IBM's number four executive, Terry R. Lautenbach, 54, announces plans to retire at the end of 1992. His retirement was expected, due to health concerns and the fact that he probably would not have been chosen to succeed IBM Chmn John Akers. Lautenbach's retirement, coupled with the departure earlier in 1992 of two other high IBM executives, Michael Armstrong and George Conrades, leaves a power vacuum beneath Akers, who is expected to retire by the end of 1994. Lautenbach was in charge of IBM's mainframe-computer business and its US sales force, among other operations. Lautenbach serves with Akers, President Jack Kuehler and Senior VP Frank Metz on IBM's four-man management committee. Lautenbach's younger brother, Ned, is considered a front-runner in the competition to succeed Akers.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1992
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IBM chief faces growing opposition amid poor results
Article Abstract:
John F. Akers, the chief executive officer at IBM, faces growing criticism as the company is about to announce record losses. Fortune magazine and The Economist have both called for a new chief; Dale Hanson, the chief of the powerful California Public Employees Retirement System, has stopped just short of calling for Akers' ouster. Ross Perot, who started his career at IBM, has offered a helping hand. The IBM board continues to give Akers its full support and he has suggested that he might stay on past IBM's traditional retirement age of 60, which he will reach in Dec 1994. IBM is expected to announce a FY 1992 loss of $3 billion, largely due to massive restructuring charges.
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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