IBM's board of directors has named Virginia M. Rometty president and chief executive officer of the company.
Her appointment becomes effective on Jan. 1. Rometty, who succeeds Samuel J. Palmisano, also has been elected a member of the board.
The 54-year-old Rometty is the first woman to be chief executive in the 100-year history of IBM.
Rometty currently serves as senior vice president and group executive, IBM Sales, Marketing and Strategy, where she is responsible for revenues, profits, and client satisfaction in the 170 global markets in which IBM does business.
Palmisano, 60, will remain chairman of the board, but he is stepping down from IBM’s top post after having served as CEO of the computing powerhouse for the last nine years. During his tenure, IBM increased earnings per share by nearly five times, brought home more than $100 billion in free cash flow and invested more than $50 billion in research and development, according to the company.
On Oct. 17, Armonk, N.Y.-based IBM reported a $3.8 billion third-quarter profit on revenues of $26.2 billion, and the computing giant has raised its annual operating earnings per share forecast to at least $13.35.
