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IBM’s Rometty Says Company Didn’t Meet Expectations in 2013

Ginni Rometty, chief executive officer of International Business Machines Corp., said the company fell short of expectations last year and must address its struggling hardware businesses.

“We must acknowledge that while 2013 was an important year of transformation, our performance did not meet our expectations,” Rometty, who is also chairman, said over the weekend in a letter to investors in the company’s annual report. “While we continue to remix to higher value, we must also address those parts of the business that are holding us back.”