Chief Financial Officer of International Business Machines Corp. (NYSE:IBM) Mark Loughridge has announced his retirement from the company after a decade of dedicated work at the company, revealed by the company on Thursday.
Mr. Loughridge has helped the firm in sustaining its relentless profit goals while his stay at the company, whose retirement will be affective from the end of 2013, while he join the former leader of PC era in 1977. He is currently working as Chief Financial Officer, will succeed by Martin Schroeter, on January one, who is at the present general manager of the firm’s international financing.
He is so far the long time employee of the company as CFO during more than a century old history of the company. During his stay at the company he managed its finances as the firm moved towards high-margin products, in an attempt to gradually boost profits by increasing the sales. Even as the firm revenue has hindered, it still remains targeted a big goal for 2015 by earnings of $20 on each share.
The new CFO Schroeter will join the financial division of the company that reported decreased in sale and decline in the firm hardware business for six quarters, while the company till September of this year has reported a loss of $713 million in its hardware business. However the firm’s traditional growth markets business in foreign developing economies such as China declared its first revenue decline in the company history during last released quarter. International Business Machines Corp. (NYSE:IBM) share fell -0.01% to $179.99 in last trading session.
According to Forrester Research Inc.’s analyst Andrew Bartels, Mr. Schroeter will replace Loughridge for the second time as previously he replace Loughridge previous seat of treasurer the job Loughridge have before becoming CFO. Schroeter has worked as treasurer until 2011 from 2007, and now moving towards executive position. And he is well capable of doing this job as he has skills to play that role, as well as it is a logical up-step for him, the analyst added.