IBM's (IBM) Chief Financial Officer Mark Loughridge is retiring at the end of the year after almost a decade on the job as the technology services provider struggles with declining revenue and weakness in emerging markets.
Loughridge, who joined International Business Machines in
1977 as a development engineer, will be succeeded by Martin Schroeter, who was
previously IBM's head of global finance, the company said in a filing to the
Securities and Exchange Commission on Thursday. In December, Loughridge will
turn 60, IBM's traditional retirement age, a spokesman said.
However, three sources with knowledge of discussions about
management said originally Loughridge was set to leave in 2015 but that a
number of factors had led to his earlier departure. In addition, James
Kavanaugh, vice president and controller at IBM, may take on a new role as
well, the sources said. Read more.
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