Ginni Rometty, the former longtime CEO and Executive Chairman of IBM, will now step down from her role as Chairman effective on the 31st of December, 2020, IBM has announced. The role will be transferred to IBM’s current CEO Arvind Krishna who has held his position for less than a year.

Rometty had been IBM’s chief executive officer since 2012 before she stepped down in January this year. During her tenure, she oversaw major changes and initiatives at IBM including the $34 billion acquisition of Red Hat that marked IBM’s biggest acquisition in its 200-year plus history.

Rometty stepped down from her CEO position and handed the role to Krishna, an IBM veteran who has been with the company for three decades. Before becoming CEO, he had been a senior vice president at IBM and helped steer the company’s acquisition of Red Hat.

Recently, Krishna made a landmark decision, announcing a spin-off of IBM’s $19 billion Managed Infrastructure Services business as a separate public company in a deal that’s to be completed next year. 

With Krishna now set to be Chairman and CEO, he’ll have more control over IBM, a major technology company with nearly $80 billion in annual revenue and more than 350,000 employees worldwide.

Photo credit: World Economic Forum, licensed under CC BY-NC-SA 2.0

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