Louis V. Gerstner Jr. Elected Chairman and CEO of IBM
Armonk, N.Y. -- March 30, 1993 -- The IBM board of directors today unanimously elected Louis V. Gerstner Jr. chairman and chief executive officer of IBM, effective April 1.
The board also approved Mr. Gerstner's compensation package. The package includes:
-- A 1993 salary of $2 million, plus an annual incentive of $1.5 million, tied to IBM business performance;
-- A long-term incentive opportunity of $500,000, linked to IBM's business performance during the next three years;
-- Options on 500,000 shares of IBM stock, at the average market price on the date of the grant;
-- A one-time transition payment of about $5 million, intended to offset the value of certain income and benefits Mr. Gerstner forfeited by leaving RJR Nabisco.
CONTACT: Rob Wilson of IBM, 914-765-6565
Copyright 1993 PR Newswire Association, Inc.