IBM Shuffles Include New CFO

The changes were kicked off by the departure of one executive to become CEO of Siebel Systems.
Stephen TaubMay 4, 2004

International Business Machines Corp. named Mark Loughridge as chief financial officer, replacing John Joyce, who served as CFO since 1999.

Other executive changes include the departure of Michael Lawrie, head of sales and distribution, to become chief executive officer of Siebel Systems Inc.; the naming of Doug Elix, head of the IBM’s services division, to replace Lawrie; and the assignment of Joyce to replace Elix.

Several analysts cited by the Associated Press were surprised but not worried by the changes. They noted that IBM frequently rotates top executives and that Joyce’s two predecessors held the CFO post for less than two years each.

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Loughridge, the new CFO, had served as senior vice president for global financing since April 2002. Previously he served as vice president and controller, where he was responsible for worldwide finance and planning, accounting operations, and external reporting. He joined IBM in 1977 as an engineer.

Lawrie, whose departure kicked off the IBM’s personnel changes, will join Siebel Systems as chief executive officer. The provider of customer relationship management software, which is splitting its two top jobs, announced that current CEO Tom Siebel will retain his position as chairman of the board and will remain a full-time employee.