MONDAY, 18 JUN 2018

 

CONNECT

Facebook Linked In Twitter
MTN_07/07-10/04_728x90px
GloriaJeans_266x90px
IMH LTD

Georgiades: European Fiscal Framework Rules Need to be Simplified

Snapbox Holdings: Cyprus Has a Potential of Becoming a Key Investment Destination

IMH LTD
PWC_04/06-25/06_468x60px

BUSINESS

brought to you by Deloitte

IBM Names James Kavanaugh as CFO, Replacing Schroeter

IBM Names James Kavanaugh as CFO, Replacing Schroeter

International Business Machines Corp said on Thursday 11 January Chief Financial Officer Martin Schroeter will move to a new role and will be replaced by company veteran James Kavanaugh.

Schroeter, who has been with the company for more than 25 years and has been finance chief for the last four years, will become senior vice president, global markets.

His replacement, Kavanaugh, joined IBM in 1996 from AT&T and is currently a senior vice president heading IBM's transformation efforts.

While the announcement was unexpected, the logic behind the move is not and Kavanaugh would be a logical replacement for Schroeter, Stifel analyst David Grossman said.

Kavanaugh has deep roots in finance and has held various positions at IBM. At AT&T, he was the CFO of the company’s Americas Global Services unit.

Schroeter, 53, will replace Bruno Di Leo, who is retiring after 42 years with the company.

“It’s very common for IBM to make senior executive changes at the start of the year, so this is not out of the ordinary in that sense,” an IBM spokesman told Reuters.

Both Kavanaugh and Schroeter will report to Chief Executive Ginni Rometty.

In his new job, Schroeter will be mostly responsible for sales in Japan, Asia Pacific, Latin America, China, Middle East and Africa, the spokesman 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.

Earlier in the day, technology website The Register reported, citing unnamed company sources, that IBM 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 IBM spokesman said, when asked about the report.

The Register published a slide it said was from an IBM internal document, which showed 10,100 jobs classified as “attrition w/o backfill”.

“Many consultants recommend things to IBM, many of which remain merely recommendations,” IBM said.

The company’s shares were marginally down in after-market trading.

MORE ON BUSINESS

Consulco Organizes ‘London Gin Night’

The “London Gin Night” will be held on the 28th June 2018 at 19.30, at ...

GOLD Magazine: Giving Back to Society

In August 2010, 40 of America’s wealthiest individuals and couples joined together ...

CIPA Appoints Four New Board Members

The Cyprus Investment Promotion Agency (Invest Cyprus) has appointed four new members to ...

FROM AROUND GOLDNEWS

   

ECB to End Stimulus Programme in December

The European Central Bank (ECB) has confirmed it will end a huge programme to stimulate the eurozone economy in December. The ECB will stop its bond-buying ...
   

Fear in the Workplace: How Much is it Costing you?

Fear is good: it keeps us alive and safe; and in the workplace, it can spur us on to achieve. But left unchecked, it can significantly impact our abilities, ...
   

Snapbox Holdings: Cyprus Has a Potential of Becoming a Key Investment Destination

Looking at the current investment climate in Cyprus, it is clear that foreign investments constitute one of the most important factors in Cyprus’ ...
   

Georgiades: European Fiscal Framework Rules Need to be Simplified

Finance Minister Harris Georgiades has expressed the view that the rules of the European fiscal framework ought to undergo a reform and become more simplified, ...
   

Three ISO Certifications for VTS Vasiliko Terminal Services

VTS Vasiliko Terminal Services (VTS), a leading marine services provider at Cyprus’ ports and terminals, and member of the Limassol-based RPT Group, has ...
   

Royal Academy of Dramatic Art Trains CFA

Members of CFA Society Cyprus had the opportunity to follow professional presentation, executive presence and story-telling seminars by professional trainers ...
   

Oracle and PwC to Support Finance Transformation for Insurers and Provide IFRS 17 Compliance Expertise

Oracle Financial Services Analytical Applications (OFSAA) and PwC, an Oracle PartnerNetwork (OPN) Platinum and Cloud Elite partner, announced today a global ...
   

Petrolina: Grand Sponsor of Charity Concert by the Association of Friends of Agia Skepi

Cypriot petroleum company PETROLINA was once again the grand sponsor of the annual charity concert organised by the Association of Friends of Agia Skepi in ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Invest Career 19/04-26/08
GloriaJeans_300x250px

IMH LTD