IBM names James Kavanaugh as CFO, replacing Schroeter

(Reuters) - International Business Machines Corp ( #IBM )said on Thursday Chief Financial Officer @Martin Schroeter will move to a new role and will be replaced by company veteran @James Kavanaugh, effective Jan. 11. Schroeter, who has been with the company for more than 25 years and has been finance chief for the last four years, will become senior vice president, global markets. His replacement, Kavanaugh, joined IBM in 1996 from AT&T and is currently a senior vice president heading IBM's transformation efforts. (bit.ly/2CTe1YC) While the announcement was unexpected, the logic behind the move is not and Kavanaugh would be a logical replacement for Schroeter, Stifel analyst David Grossman said.

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