Signing off; Akers quits at IBM under heavy pressure; dividend is slashed; signing off: outsiders will lead search for new chief executive to be a 'change-master'; but who'd want this job?
Article Abstract:
IBM's CEO and chmn John Akers, under heavy pressure from shareholders, resigns and the company slashes its dividend for the first time by about 55 percent. Also stepping down from their positions of power will be IBM Pres Jack Kuehler, who will assume the new role of vice chairman, and CFO Frank Metz. The Akers management team has been under increasing scrutiny because of financial problems. For the 4th qtr 1992, IBM posted $4.97 billion in operating losses, the biggest loss recorded in US corporate history. Akers will step down as CEO and chairman as soon as IBM's executive search committee is able to find a replacement. Among the talked-about candidates are many outsiders, including Apple CEO John Sculley and HP's ex-chief John Young. Prominent candidates from inside IBM include James Cannavino and Bob LaBant.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1993
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Northern Telecom gets IBM's Lucente to run marketing
Article Abstract:
Northern Telecom Ltd lures Edward Lucente, 51, from IBM in a move that industry observers are calling mildly surprising. Lucente joined IBM in 1961 as a systems engineer and has been mentioned as a successor to Pres and CEO John Akers on various occasions. Lucente was in charge of IBM's overseas operations in Asia and the Pacific and was expected to return to the U.S. in 1991. Observers did not expect Lucente's return to the U.S. to be marked by a retirement from IBM. Lucente, who will be in charge of overseas corporate policy at Northern Telecom, mentioned that the opportunity at the telecommunications concern was excellent; he feels he is young enough to take advantage of it.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1991
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IBM's Riverso named a senior vice president
Article Abstract:
IBM promotes Renato Riverso to the position of Senior VP. Renato is president director general of IBM Europe and chairman of IBM's World Trade Europe/Middle East/Africa Corp. Renato has helped boost sales from European operations, but analysts think he is not on the track to becoming president or chairman. Renato helped re-shape business in Europe and implemented cost-cutting measures that cut administrative costs. Riverso joined IBM Italy in 1957 and moved to Paris to become IBM Europe's marketing manager in 1984. In Feb 1991, he was promoted to the second-ranking position at IBM Europe and received the top post three months later.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1992
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