IBM Chairman John F. Akers Announces CEO Search
Armonk, N.Y. -- January 26, 1993 -- IBM Chairman John F. Akers today announced that the IBM Board of Directors has accepted his recommendation to begin the process of selecting a new chief executive officer for the company.
Mr. Akers will remain as chairman and CEO during the selection process, which will consider candidates from inside and outside the company. The process will be managed by the board's Nominating and Executive Compensation Committee, which is chaired by James E. Burke, and is expected to take approximately 90 days.
Mr. Akers said, "It is the right time in IBM's business transformation to identify new leadership. In the past eight years, IBM has reshaped itself from a vertically integrated computer systems company to a group of more autonomous manufacturing and development businesses and marketing and services businesses that offer the industry's widest range of products, from microelectronics to business consulting.
"Resources and capacities have been substantially reduced to better match the realities of the marketplace. The business unit management teams have a full year of operating experience in the new business structure and appropriate management support systems are in place. The changes in the industry and in IBM's business continue to accelerate and new leadership will facilitate our ability to meet those challenges."
Mr. Burke said, "IBM could not have had more effective leadership in these turbulent times. John Akers has made the tough choices required to restructure the company, improve its competitiveness, and position it for improved profitability. The board has accepted his recommendation to accelerate the process of selecting a new chief executive officer, which he believes will speed progress toward improved business performance."
CONTACT: Rob Wilson for IBM, 914-765-6565
Copyright 1993 PR Newswire Association, Inc.