ARMONK -- International Business Machines Corp. Chief Executive Officer Sam Palmisano will assume the added role of chairman from Louis Gerstner, who will retire from the world's largest computer maker at year's end.
Palmisano, 51 years old, replaced Gerstner as CEO in March. Gerstner, 60, was hired in 1993 and restored IBM's profit a year later, after $15.9 billion in net losses from 1991 to 1993. He will be an adviser to IBM after leaving the company and its board, spokeswoman Carol Makovich said Tuesday.
Since Palmisano's promotion to CEO from chief operating officer, the 29-year IBM veteran has cut jobs and costs and shed underperforming businesses to …
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