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IBM President Jim Whitehurst Steps Down

International Business Machines Corp. (IBM) Friday announced that its President Jim Whitehurst is stepping down, just 14 months after taking over the role. Shares of the company slipped nearly 5% in regular trading.

"Jim Whitehurst has played a pivotal role in the IBM and Red Hat integration. In the almost three years since the acquisition was announced, Jim has been instrumental in articulating IBM's strategy, but also, in ensuring that IBM and Red Hat work well together and that our technology platforms and innovations provide more value to our clients," CEO Arvind Krishna said in a statement.

"Jim has decided to step down as IBM President, however I am pleased he will continue working as Senior Advisor to me and the rest of the Executive Leadership Team as we continue to evolve our business," he added.

Whitehurst, former CEO of Red Hat, became IBM President in January 2020, the same time Krishna was appointed CEO, after the company's $34 billion acquisition of Red Hat. Prior to Red Hat, Whitehurst was the chief operating officer at Delta Airlines and he was also considered as a potential CEO at IBM before Krishna's appointment.

IBM closed Friday's trading at $140.02, down $6.82 or 4.64%, on the NYSE. The stock, however, gained $0.29 or 0.21%, in the after-hours trade.

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