IBM just replaced its chief financial officer
IBM
- IBM veteran James J. Kavanaugh will take over as CFO.
- Kavanaugh replaces Martin J. Schroeter, who's served as CFO since 2014. Schroeter will take on the role as SVP of global markets.
- Both role changes went into effect Thursday, according to the filing.
IBM just quietly prompted artificial intelligence veteran James J. Kavanaugh to the role of chief financial officer, according to a form filed with the Securities and Exchange Commission on Thursday.
Kavanaugh, who served as senior vice president of transformation and operations, replaces Martin J. Schroeter, who had served as CFO since 2014. Schroeter will take on the role of senior vice president of global markets.
The change went into effect on Thursday. Both Kavanaugh and Schroeter will lead IBM's upcoming earnings report on January 18, according to the filing.
"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 spokesperson told Reuters, confirming the move.
Kavanaugh first joined IBM from AT&T in 1996, and has held a number of different executive roles since..
His most recent role focused on "enabling IBM's transformation to a data driven cognitive enterprise," according to his company profile. At IBM, "cognitive" refers to the company's work in artificial intelligence and machine learning, including its Jeopardy-winning computer system Watson. IBM sees AI as a key driver of its growth.
News of the transition comes just hours after a report that IBM plans to lay off 30% of the staff in its computer service delivery business, which would affect around 3,090 jobs. IBM has not so far commented on the report.
Get the latest IBM stock price here.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market