IBM Gets New CEO

IBM has announced that Sam Palmisano will step down as CEO at the end of the year and will be replaced by longtime company executive Ginni Rometty. Palmisano's tenure started in 2002 and was extremely successful. Shares have soared 73% during Palmisano's tenure and IBM's revenues have more than quadrupled in his nearly 10 years at the helm. Palmisano will remain as chairman of the board when Rometty takes over as CEO on Jan 1, 2012. Rometty currently serves as IBM's senior vice president for sales, marketing and strategy, overseeing IBM's Global Business Services unit and has worked at the company for 30 years. Rometty "is more than a superb operational executive," Palmisano said of his soon-to-be replacement in a prepared statement. "She brings to the role of CEO a unique combination of vision, client focus, unrelenting drive, and passion for IBMers and the company's future. Ginni is the ideal CEO to lead IBM into its second century." "There is no greater privilege in business than to be asked to lead IBM, especially at this moment," Rometty said in a written statement. "Sam had the courage to transform the company based on his belief that computing technology, our industry, even world economies would shift in historic ways. All of that has come to pass." Rometty ascension next year will mark another milestone: The nation's two largest technology firms will be run by women. Meg Whitman took over as Hewlett-Packard's CEO last month, giving her oversight of a business with annual sales that topped $126 billion last year. IBM has annual sales of around $100 billion.