IBM Appoints Martin Schroeter as CEO of "NewCo" Independent Managed Infrastructure Services Business to Spin Out from IBM

Rhea-AI Summary

IBM has appointed Martin Schroeter as the new CEO of its Managed Infrastructure Services business, referred to as NewCo, effective January 15, 2021. The spin-off is expected to finalize by the end of 2021. Schroeter previously held key roles at IBM, including Senior Vice President of Global Markets and Chief Financial Officer. He brings extensive industry knowledge and leadership experience, which positions him well to lead NewCo in modernizing IT infrastructure globally. IBM's Chairman emphasized Schroeter's strategic vision as essential for the company's future success.

Positive

• Martin Schroeter brings extensive experience as former CFO and SVP, Global Markets.
• Schroeter's leadership expected to drive strategic growth and innovation at NewCo.
• The spin-off could enhance focus on managed infrastructure services.

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• None.

ARMONK, N.Y., Jan. 7, 2021 /PRNewswire/ -- IBM (NYSE: IBM) today announced the appointment of Martin Schroeter as Chief Executive Officer of the independent company that will be created following the separation of IBM's Managed Infrastructure Services business ("NewCo"), effective January 15.  NewCo will focus on the management and modernization of IT infrastructure in every industry around the world.  The previously announced separation is expected to occur by the end of 2021.

Mr. Schroeter served as IBM's Senior Vice President, Global Markets, where he was responsible for IBM's global sales, client relationships and satisfaction, and worldwide geographic operations, before leaving IBM in June 2020. Prior to that he was IBM's Chief Financial Officer and has held a number of other executive roles at the company.

"Martin is a world-class leader and is uniquely qualified to drive the long-term success of the new, independent company," said Arvind Krishna, Chairman and CEO of IBM. "He has a deep understanding of the industry and has earned the trust of our clients and of the investor community.  Martin has the strategic vision and business judgement to realize NewCo's enormous potential as the global leader in managed infrastructure services. He is an inspiring, results-driven executive and the right CEO to lead NewCo through the spin-off process and beyond."

"NewCo is a trusted partner to the world's most global enterprises with a team that has the best skills and experience in the industry," Schroeter said. "I look forward to developing a diverse ecosystem of partnerships and alliances, to continuing a deep relationship with IBM, and to the creation of market leading capabilities."

Mr. Schroeter served as IBM's Senior Vice President, Global Markets between December 2017 and April 2020. In that role, he had responsibility for IBM's global sales, client relationships and satisfaction and worldwide geographic operations. He also oversaw IBM's marketing and communications functions and was responsible for building the company's brand and reputation globally. Mr. Schroeter was IBM's CFO from 2014 to 2017, and prior to that, served as General Manager of IBM Global Financing, where he managed a total asset base in excess of $37 billion. Earlier in his IBM tenure, Mr. Schroeter served in numerous roles in Japan, the United States and Australia.  He joined IBM in 1992 after earning his Master of Business Administration degree from Carnegie Mellon University, and received his undergraduate degree in Economics and Finance from Temple University. He has dual citizenship in the United States and in Australia.

Contact: 
Jonathan Adashek
jonathan.adashek@ibm.com
(914) 499-6606

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SOURCE IBM

FAQ

Who has been appointed as the CEO of IBM's NewCo?

Martin Schroeter has been appointed as the CEO of NewCo.

When will the spin-off of NewCo from IBM occur?

The spin-off of NewCo is expected to be completed by the end of 2021.

What is the focus of NewCo after its separation from IBM?

NewCo will focus on the management and modernization of IT infrastructure across various industries.

What previous roles did Martin Schroeter hold at IBM?

Martin Schroeter was previously the Senior Vice President of Global Markets and Chief Financial Officer at IBM.

What potential impacts does Martin Schroeter's appointment have on NewCo?

Schroeter's appointment is expected to enhance strategic leadership and drive growth for NewCo.