 "IBM CEO Ginni Rometty to step down; cloud head Arvind Krishna to succeed")
International Business Machines Corp Chief Executive Officer Ginni Rometty will step down after eight years in the role and will be succeeded by the head of its cloud business Arvind Krishna in April.
Rometty, who has been with the company for 40 years, will continue as executive chairman and will retire at the end of the year, the company said.
Shares of the company were up nearly 4 percent in extended trading.
Krishna, 57, who joined IBM in 1990, was the architect of the company’s $34 billion (26 billion pounds) acquisition of Red Hat last year.
“Arvind is the right CEO for the next era at IBM,” Rometty, 62, said in a statement.
Under Rometty’s leadership, IBM has shifted focus to cloud business through a series of acquisitions and by selling some of its legacy units.
 "IBM, Meta, other tech companies launch alliance to take on the ‘big bad boys’ of AI like OpenAI, Google")
 "MeitY to collaborate with IBM in AI, semiconductors")
 "'Big Day': IT Min Rajeev Chandrasekhar hails MoUs with IBM on Semiconductors, AI, Quantum Computing")
 "US hit by major cyberattack, hackers exploit IBM, steal over millions of people’s healthcare, personal data")
 "IBM, Meta, other tech companies launch alliance to take on the ‘big bad boys’ of AI like OpenAI, Google")
 "MeitY to collaborate with IBM in AI, semiconductors")
 "'Big Day': IT Min Rajeev Chandrasekhar hails MoUs with IBM on Semiconductors, AI, Quantum Computing")
 "US hit by major cyberattack, hackers exploit IBM, steal over millions of people’s healthcare, personal data")