IBM CEO May Step Down in 2011 in Historic Succession
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International Business Machines Corp. Chief Executive Officer Sam Palmisano will probably cede the post next year, raising the possibility of the first female or first black CEO in the 99-year-old company’s history.
Three of IBM’s last four chief executives have stepped down at 60, with the exception being John Akers, who was forced out by IBM’s board before he reached that age. Palmisano, who has led the company for more than eight years, will hit that mark next July. IBM’s tradition of CEOs stepping aside at 60 helps retain top executives, said Val Rahmani, former general manager of an IBM security software business.