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Ginni Rometty

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Ginni Rometty
Ginni Rometty at the Fortune MPW Summit in 2011
Born
Virginia Nicosia

(1957-07-29) July 29, 1957 (age 67)
Chicago, Illinois, U.S.
EducationNorthwestern University (BS)
SpouseMark Rometty (1979–present)

Virginia "Ginni" Rometty (born July 29, 1957) is an American business executive who was executive chairman of IBM after stepping down as CEO on April 1, 2020. She was previously chairman, president and CEO of IBM, becoming the first woman to head the company. She retired from IBM on December 31, 2020, after a near-40 year career there.[1][2][3] Before becoming president and CEO in January 2012, she first joined IBM as a systems engineer in 1981 and subsequently headed global sales, marketing, and strategy.[4][5]

While general manager of IBM's global services division, in 2002 she helped negotiate IBM's purchase of PricewaterhouseCoopers' IT consulting business, becoming known for her work integrating the two companies.[6][7] As CEO, she focused IBM on analytics, cloud computing, and cognitive computing systems.[8][9]

Rometty's tenure as IBM's CEO was marked by awards including by Bloomberg's 50 Most Influential People in the World,[10] Fortune's "50 Most Powerful Women in Business", Time's 20 Most Important People in Tech and Forbes' America's Top 50 Women In Tech.[11][12][5][13][14] Her tenure was also met by fierce criticism relating to executive compensation bonuses, layoffs, outsourcing, and presiding over 24 consecutive quarters of revenue decline.[15][16][17]

Early life and education

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Ginni Rometty was born on July 29, 1957, in Chicago, Illinois, as Virginia Nicosia.[18][19][3] Growing up outside Chicago, she was the eldest of four children in an Italian-American family.[4] Her parents divorced and her father left when she was fifteen years old, and her mother subsequently took on multiple jobs to support the family while Rometty looked after the household in the evenings.[19][18][20]

She began attending Northwestern University in Illinois in 1975 on a scholarship from General Motors, where she interned between her junior and senior years.[20] Rometty was also a member of the Kappa Kappa Gamma sorority, eventually becoming its president.[7] She graduated with high honors from the Robert R. McCormick School of Engineering and Applied Science at Northwestern University in 1979,[19][5] receiving a bachelor's degree in computer science and electrical engineering.[21][19] She has received honorary doctoral degrees from Rensselaer Polytechnic Institute (2014)[22] and Northwestern University (2015).[23] She also received an honorary degree from North Carolina State University.[24]

Career

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1979–1990s: GM and IBM technical positions

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After graduation in 1979, Rometty went to work for General Motors Institute[21] in Flint,[7] where she was responsible for application and systems development.[5] In 1981 she joined IBM as a systems analyst[18] and systems engineer in Detroit.[21][7] Initially working with clients in the insurance industry,[6] she spent her first ten years at IBM in technical positions.[18] The New York Times writes that she "quickly moved up to a series of management jobs",[25] where she worked with clients in insurance, banking, telecommunications, manufacturing and health care.[7][25] She spent the 1990s working in sales,[7] and by the late 1990s was helping clients such as Prudential Financial, Inc. with their internet features.[6] She joined IBM's Consulting Group in 1991.[25]

2000–2011: IBM management

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While general manager of IBM's global services division,[7] in 2002 she championed[25] and helped negotiate the purchase of Monday, the consulting arm of the professional services firm PricewaterhouseCoopers[7] for $3.5 billion.[25][13] The acquisition was the "largest in professional services history"[26] and launched IBM in the services business.[13] While senior vice president of IBM Global Business Services,[3][26] Rometty then received her "big break"[18] at IBM when she was given the task of integrating PricewaterhouseCoopers and its consultants with IBM.[6] In 2002, Time named her in its 2002 Global Business Influential list. From 2005 until 2009, she was the senior vice president of Global Business Services at IBM, and she also became senior vice president of Enterprise Business Services-IBM Global Services in July 2005.[5] Among other roles, she was general manager of IBM Global Services, Americas, as well as general manager of IBM's Global Insurance and Financial Services Sector.[5][26] She was also a managing partner at IBM Business Consulting Services, Inc. and general manager of Insurance Industry Group.[5] She received the Carl Sloane Award 2006 from the Association of Management Consulting Firms.[5][26]

Laid out by Rometty and other IBM executives,[7][3] in 2007 IBM announced[4] a five-year growth plan[13] concerning revenue growth and capital allocation.[4] Among other strategies, the "2015 Roadmap"[7][3] outlined moving IBM away from the hardware industry to focus on businesses such as software and services.[3] She became senior vice president and group executive for sales, marketing and strategy in 2009,[25][21] focusing on the company's "fast-growing analytics unit".[25] In January 2009, she was placed in charge of IBM's sales force,[6] as senior vice president of global sales and distribution until 2010.[5] During this time, she pushed the development of IBM's growth-markets unit, which had been created in 2008 to focus on emerging markets such as Brazil and Vietnam.[6] From 2010 until 2012 she was an IBM senior vice president, and from 2010 until 2012, she was IBM's Group Executive of Sales, Marketing & Strategy.[5] In 2011, CNN reported that she was "credited with spearheading IBM's growth strategy by getting the company into the cloud computing and analytics businesses. She was also at the helm of readying Watson, the Jeopardy! playing computer, for commercial use."[27]

2012–2020: Leadership of IBM

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On October 25, 2011, IBM announced that she was to be the company's next president and CEO,[21][3] becoming the ninth chief executive in its history.[21][7] Her role as IBM's first female chief received note in the press,[1] with former CEO Sam Palmisano responding that her selection had "zero to do with progressive social policies".[25] She became president and CEO on January 1, 2012, also taking on the additional role of IBM chairman on October 1, 2012,[5] when Palmisano retired.[2] With plans to take IBM out of unprofitable business lines[20] and citing big data and analytics as IBM's "next big growth machine",[4] in 2014 she brokered a partnership for Apple to design applications for IBM's enterprise customers. Later that year, she announced that IBM would partner with SAP on cloud computing and with Twitter on data analytics and, in 2015, she also brokered a partnership with Box.[28] Rometty had IBM spend $8.5 billion acquiring around 30 companies between 2012 and 2015,[8] and by 2016 she had overseen the divestment of about $7 billion in commoditized assets such as chip manufacturing.[17]

In May 2017, Austin Business reported that Rometty had successfully moved IBM away from "shrinking businesses such as computers and operating system software, and into higher-growth areas like artificial intelligence."[29][8][30][9] On June 28, 2017, she was awarded the KPMG Inspire Greatness Award.[31] In January 2018, she announced IBM's first quarter of year-over-year revenue increase since 2012, with particular growth in areas such as data, blockchain, and the cloud.[32] By 2018, she stated that around half of IBM's 9,043 patents in 2017 were in AI, cloud computing, cybersecurity, blockchain and quantum computing.[33]

However, the accolades and awards did not translate into marketplace success, and under Rometty's tenure, IBM's revenue declined over 40%, from over $100b in 2011 to less than $60b in 2019.[34] On January 30, 2020, it was announced that Rometty would be stepping down as IBM's CEO to be replaced by Arvind Krishna. She remained executive chairman until December 31, 2020, when she was replaced by Arvind Krishna.[35]

Boards and committees

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Rometty participates on a White House panel on workforce development in March 2019

A director at IBM since 2012, Rometty has also been involved in IBM organizations such as its Women in Technology Council, Women's Executive Council, and Women's Leadership Council. A former director at APQC,[5] she also served on the board of directors of AIG from 2006 until 2009.[36] She remains on the board of overseers and board of managers[5] for the Memorial Sloan Kettering Cancer Center,[26][37] and since 2013[26] she has been a council member at the Latin America Conservation Council.[38] Rometty serves on the Council on Foreign Relations and is also on the board of trustees of her alma mater Northwestern University,[5][26] where she was commencement speaker for the graduating class of 2015.[23] She was a member of the White House's Business Advisory Panel for much of 2017, before the panel dissolved itself that August.[39] In November 2017, she co-chaired WEF Davos.[40]

She also serves as the co-chair of the Aspen Institute’s Cyber Group, a member of the advisory board of Tsinghua University School of Economics and Management, and a member of the Singapore Economic Development Board International Advisory Council.[41] In May 2020, she was elected to the board of JPMorgan Chase.[42]

Industry reception

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Rometty's tenure as IBM CEO has been marked by prestigious rankings, including by Bloomberg, who named her among the 50 Most Influential People in the World in 2012.[10] She was also named to the Time 100 list in 2012,[43] and in 2014 Rometty was featured in the PBS documentary The Boomer List.[44] Since 2005[5] she has been listed among Fortune's "50 Most Powerful Women in Business",[13][14] ranking in the top 10 since 2010.[31] After ranking No. 7 in 2011,[13] she ranked No. 1 from 2012[17][7] until 2014,[17][14] No. 3 in 2015,[8][17] No. 4 in 2016, and No. 7 in 2017.[45] She was named to Forbes magazine's "World's 100 Most Powerful People" in 2014,[46] and she also ranked No. 11 on the 2016 Forbes list of The World's 100 Most Powerful Women.[47] The following year she ranked No. 10.[48] She was named the sixth most important person in tech by Time magazine in March 2018. [12]

Rometty's tenure as CEO has met with criticism as well, during her tenure, IBM revenue dropped from $104 billion in 2012 to $60 billion in 2020. [17] By 2016, she had been named among the worst CEOs by publications including the Motley Fool,[49] Forbes,[50] the Wall Street Journal,[51] and 24/7 Wallstreet.[16] She was criticized by investors[52] for 22 consecutive quarters of revenue decline between 2012 and the summer of 2017,[9][15] and by IBM employees for accepting pay bonuses during times of layoffs[29] and offshoring.[17][53][16]

In May 2019, Rometty received the Edison Achievement Award for her commitment to innovation throughout her career.[54]

Personal life

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Virginia Nicosia married Mark Anthony Rometty,[55] a private-equity investor, in 1979.[4] With no children, they divide their time between New York and Bonita Springs, Florida.[55] She goes to Broadway shows and participates in scuba diving as a hobby.[7] In 2014, she became the third female member of the Augusta National Golf Club, following the lead of Condoleezza Rice.[56]

References

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  1. ^ a b "IBM Names Rometty to Succeed Palmisano as First Female CEO". Bloomberg BusinessWeek. October 25, 2011. Archived from the original on January 2, 2013. Retrieved October 25, 2011.
  2. ^ a b "IBM's Ginni Rometty Completes Her Ascent by Adding Chairman Role". Bloomberg.com. Bloomberg L.P. September 26, 2012. Retrieved September 26, 2012.
  3. ^ a b c d e f g Aluise, Susan J. (May 10, 2012). "America's 10 Most Powerful Female CEOs". InvestorPlace. Retrieved July 10, 2014.
  4. ^ a b c d e f "Ginni Rometty: Reinventing Big Blue", Barron's, Leslie P. Norton, May 31, 2014
  5. ^ a b c d e f g h i j k l m n o "Virginia M. Rometty Profile", Bloomberg
  6. ^ a b c d e f "IBM's Rometty Kept on Rising", Spencer E. Ante And Joann S. Lublin, Wall Street Journal, October 27, 2011
  7. ^ a b c d e f g h i j k l m Hempel, Jessi (October 8, 2012). "IBM's Ginni Rometty looks ahead". Fortune.
  8. ^ a b c d Bellstrom, Kristen (September 15, 2015). "Fortune's Most Powerful Women List". Fortune.
  9. ^ a b c "IBM grants CEO Ginni Rometty a record bonus after share surge", Financial Review, February 7, 2017
  10. ^ a b 50 Most Influential list of Bloomberg Markets magazine in September 2012
  11. ^ "Ginni Rometty". Forbes.
  12. ^ a b "The 20 Most Influential People in Tech Right Now", Time, May 8, 2017
  13. ^ a b c d e f "Ginni Rometty". Fortune. September 20, 2012. Retrieved September 20, 2012.
  14. ^ a b c "Ginni Rometty". Fortune. 2014. Archived from the original on October 11, 2015. Retrieved March 19, 2015.
  15. ^ a b Danielle Wiener-Bronner (January 18, 2018). "IBM 's sales grew for the first time in 5 years". CNN.
  16. ^ a b c "CEOs Who Have to Go in 2016". 247wallst.com. Retrieved May 2, 2017.
  17. ^ a b c d e f g "Fortune Magazine". Gets a Raise Despite Tumbling Stock Price.
  18. ^ a b c d e Waters, Richard (October 28, 2011). "More than a big smile on Big Blue's face". Financial Times. Retrieved July 16, 2014.
  19. ^ a b c d "NU appoints 5 new members to Board of Trustees". Northwestern University. June 25, 2010. Archived from the original on June 29, 2010. Retrieved October 26, 2011.
  20. ^ a b c "Lunch with the FT: Ginni Rometty", Gillian Tett, Financial Times, February 6, 2015
  21. ^ a b c d e f "IBM Names Virginia Rometty as First Female CEO". Wired. October 25, 2011. Retrieved October 26, 2011.
  22. ^ "Rensselaer Polytechnic Institute Graduates 1,613 in 208th Commencement Ceremony". Retrieved April 4, 2015.
  23. ^ a b "IBM executive, Northwestern alumna Virginia Rometty to speak at 2015 commencement". March 5, 2015. Retrieved April 4, 2015.
  24. ^ "NC State Commencement". news.ncsu.edu. April 15, 2019. Retrieved January 31, 2020.
  25. ^ a b c d e f g h "I.B.M. Names Virginia Rometty as New Chief Executive". The New York Times. October 25, 2011. Retrieved October 26, 2011.
  26. ^ a b c d e f g "Council Members - Ginni Rometty", Latin America Conservation Council, 2018
  27. ^ "IBM CEO Sam Palmisano to step down". CNN. October 25, 2011. Retrieved October 25, 2011.
  28. ^ "IBM, Ginni Rometty sign yet another Silicon Valley partner", Business Journals, Caroline McMillan Portillo, June 24, 2015
  29. ^ a b "Come into the office or quit, IBM says", Anthony Noto, Austin Business Journal, May 19, 2017
  30. ^ "IBM CEO Rometty Proposes 'Watson's Law': AI In Everything", Adrian Bridgewater, Forbes, March 20, 2018
  31. ^ a b "KPMG Honors Stem Pioneer Ginni Rometty for Inspiring Next Generation of Women Leaders", Cision, June 28, 2017
  32. ^ Lohr, Steve (January 18, 2018). "IBM Ends 22-Quarter Streak of Falling Revenue". The New York Times.
  33. ^ "IBM Breaks Records to Top U.S. Patent List for 25th Consecutive Year", IBM, January 9, 2018
  34. ^ "IBM revenue worldwide from 1999 to 2023", Statista, Sept 9, 2024
  35. ^ "Arvind Krishna Elected IBM Chairman" (Press release). IBM.
    - Fitch, Asa. "IBM's Ginni Rometty Steps Down as CEO". Wall Street Journal.
    - McGregor, Jena (January 30, 2020). "IBM's Ginni Rometty is stepping down as CEO". Washington Post. Retrieved February 28, 2020.
    - Lohr, Steve (January 30, 2020). "Ginni Rometty to Step Down as C.E.O. of IBM". The New York Times. ISSN 0362-4331. Retrieved February 28, 2020.
  36. ^ IBM's Rometty Breaks Ground as Company's First Female Leader. Bloomberg BusinessWeek, October 26, 2011.
  37. ^ "2010 Annual Report" (PDF). Memorial Sloan-Kettering Cancer Center. Retrieved October 26, 2011.
  38. ^ "LACC Members". Latin America Conservation Council website. The Nature Conservancy. Archived from the original on March 18, 2014. Retrieved April 25, 2014.
  39. ^ "Private: IBM's CEO Reveals Why Trump's Business Advisory Panel Was Killed" Archived July 25, 2018, at the Wayback Machine, Fortune, August 16, 2017
  40. ^ Christie, Sophie (November 14, 2017). "World Economic Forum asks seven women to co-chair Davos – and zero men". The Daily Telegraph.
  41. ^ "JPMorgan Chase Board of Directors Welcomes Virginia Rometty" (Press release). JPMorgan Chase. May 19, 2020. Retrieved December 29, 2020.
    - "Our Team". Singapore Economic Development Board. Retrieved December 29, 2020.
  42. ^ Dabaie, Michael (May 19, 2020). "JPMorgan Says IBM Executive Chairman Rometty Elected to Board". MarketScreener. Retrieved December 29, 2020.
  43. ^ Mayer, Marissa (April 18, 2012). "The 100 Most Influential People in the World". Time. Archived from the original on April 19, 2012. Retrieved April 18, 2012.
  44. ^ "The Boomer List". PBS. pp. Rometty starting at 1 hr 6 min. Retrieved October 9, 2014.
  45. ^ "Ginni Rometty - Most Powerful Women" Archived July 25, 2018, at the Wayback Machine, Fortune, 2017
  46. ^ Forbes magazine's "World's 100 Most Powerful People" in 2014."The world's 100 most powerful". Forbes.
  47. ^ "World's Most Powerful Women". Forbes. Retrieved July 24, 2017.
  48. ^ "World's Most Powerful Women". Forbes. Retrieved March 29, 2018.
  49. ^ Mattera, Sam (May 2, 2017). "The Worst Tech CEOs of 2014 -- The Motley Fool". The Motley Fool. Retrieved May 2, 2017.
  50. ^ Hartung, Adam. "Why You Do Not Want To Own IBM: Growth Stalls Are Deadly". Forbes. Retrieved May 2, 2017.
  51. ^ Lublin, Joann S. (June 25, 2015). "How Much the Best-Performing and Worst-Performing CEOs Got Paid". Wall Street Journal. ISSN 0099-9660. Retrieved May 2, 2017.
  52. ^ "Mark Cuban Slams IBM: It's 'No Longer A Tech Company. They Have No Vision.'". Business Insider. Retrieved April 21, 2017.
  53. ^ "IBM: Employees React to Rometty, Exec Bonuses as Layoffs Reach 5K". The Var Guy. Archived from the original on October 23, 2017. Retrieved May 2, 2017.
  54. ^ "Trustee and alumna Ginni Rometty honored with Edison Achievement Award". Northwestern University. Retrieved July 25, 2019.
  55. ^ a b Stewart, James B. (November 5, 2011). "A C.E.O.'s Support System, a k a Husband". The New York Times. Retrieved May 3, 2013.
  56. ^ "Virginia Rometty becomes 3rd female member of Augusta National". ESPN. November 13, 2014. Retrieved November 17, 2014.
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Business positions
Preceded by CEO of IBM
2012–2020 		Succeeded by
Preceded by President of IBM
2012–2020 		Succeeded by
Preceded by Executive Chairman of IBM
2012–2020 		Succeeded by
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