International Business Machines Inc. shares fell Friday after the company announced that Jim Whitehurst was stepping down as president.
Whitehurst became IBM president in January 2020, the same time Arvind Krishna was appointed chief executive, after the company’s $34 billion acquisition of Red Hat, which closed in July 2019. Whitehurst had served as Red Hat’s CEO at the time of the deal.
In a statement, IBM’s Krishna did not give a reason for Whitehurst stepping down as president but said Whitehurst would continue on as a senior adviser. A successor to Whitehurst was not named.
Over the past 12 months, IBM shares have grown 17% while the Dow has advanced 35% and the S&P 500 index SPX,