Word: gerstner
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Worse yet, critics question whether IBM has truly developed a plan that will enable it to compete in the long run against feisty and fast-moving rivals at home and abroad. While chairman Louis Gerstner, 52, has revamped the company's finances in remarkably short order since he arrived a year ago from RJR Nabisco, observers both inside and outside IBM remain concerned about his lack of computer savvy. (At his first press conference after being named IBM chairman, Gerstner conceded that he did not know the brand of laptop he used.) Charles Ferguson, a consultant based in Cambridge, Massachusetts...
...Gerstner is candid about the dissension within IBM's ranks as he seeks to rebuild the glory of a once all but invincible firm that has lost nearly $16 billion over the past three years. "There are still some very, very senior people in this company that I don't think have bought into the new IBM," Gerstner told Time in an interview last month. According to a recent survey of IBM executives, "We've got half of our senior management group that is excited and committed, first to the need for change and second to the type of changes...
...Shortly after I (CEO Louis Gerstner) joined the company, I set as my highest priority to right-size the company as quickly as we could...
...Fisher joins a growing band of rescue artists of the not-grown-at-home variety. Prominent among them is Louis V. Gerstner, who was recruited in March from the top job at RJR Nabisco to become chairman and CEO of IBM, the once great computer giant that has lost $8.37 billion so far this year. In June a troubled Westinghouse Electric asked Michael H. Jordan, a partner at the New York City investment firm Clayton Dubilier & Rice, to succeed outgoing chairman Paul Lego. Former Union Pacific chairman Michael Walsh replaced James Ketelsen at Tenneco, a Houston-based auto-parts, shipbuilding...
What all these CEOs bring to their new job is a willingness to challenge every aspect of the corporate culture -- and that almost always means cutting jobs. Gerstner is continuing to reduce the work force at IBM, which has already lost 180,000 jobs over the past eight years. Under Bossidy, Allied Signal has taken employment down by 13,000. At Kodak, Fisher will inherit his predecessor's last restructuring plan, which will lower the head count...