07 Nov 2013
Today IBM announced that Mark Loughridge, Senior Vice President and Chief Financial Officer, Finance and Enterprise Transformation, will retire at the end of 2013.
Loughridge joined IBM in 1977 as a development engineer, and has held various management positions in finance, strategic planning, and engineering. Loughridge, who will be 60 when he retires, was named IBM’s CFO in 2004, and has the longest tenure of any IBM CFO in its 102-year history.
Martin J. Schroeter, age 49, will succeed Loughridge, effective January 1, 2014. Schroeter is currently General Manager, IBM Global Financing, and served as IBM Treasurer from 2007 to 2011. He previously held a number of business and financial leadership positions including several roles in Asia Pacific.
“Mark has been an outstanding steward of IBM's financial strategy, supporting our shift to higher value. He helped investors understand IBM and appreciate how our continuous transformation is reflected in profit, earnings and cash performance through a range of economic conditions," said Ginni Rometty, IBM Chairman, President and Chief Executive Officer. “Martin is a proven business and financial leader who will help continue our shift into new opportunities.”
During Loughridge’s tenure, IBM introduced the first long-term EPS roadmap in 2007. In addition to establishing a clear multi-year objective, the roadmap helps investors to better understand IBM’s shift to higher value, along with how IBM invests for growth, allocates capital, and returns value to its shareholders.
“In my 10 years as CFO, I have been privileged to work with an extraordinary IBM team. Working together, we have delivered operational performance and shareholder value for the long term,” said Loughridge. “Martin and I have worked closely over the last 20 years, and the IBM finance organization and investors will benefit from Martin’s operational experience and financial acumen.”
“I look forward to working with Ginni, senior management, and IBM teams around the world to deliver our 2015 roadmap and its objectives, as we continue our shift into new areas, and strengthen IBM’s business model for the long term,” said Schroeter. “I want to thank Mark for his leadership and guidance.”