July 5, 2021

Current IBM Chairman and CEO, Arvind Krishna, announced Tuesday that Jim Whitehurst will step down as IBM President and he will step aside to become an IBM consultant.

Many observers of IBM and Red Hat assumed that Whitehurst, who played a crucial role in getting IBM and Red Hat to work on the same hybrid cloud site, among other things, would one day become CEO of the company.

While IBM and Red Hat flourished under Whitehurst’s leadership, with IBM’s total revenue of $25.1 billion up 20% and Red Hat’s revenue up 18%, it was no surprise that IBM shares fell about 4.4% after the company’s chairman announced his departure.

For more information, read the orignal story in ZDNet.