Here's Why IBM Fell Nearly 5% Today
Shares of International Business Machines (NYSE: IBM) were down 4.7% as of late Friday, largely in response to reports that president Jim Whitehurst will be stepping down from that role in the near future. Whitehurst is the former CEO of Red Hat -- which IBM acquired in 2019 -- and was leading the company's hybrid cloud efforts made possible by the Red Hat deal.
Although no specific reason for the move was offered, the decision appears to be an amicable one. Whitehurst will continue to serve as an advisor to IBM's CEO Arvind Krishna and other executives. He's also going to remain at the post until further notice, presumably until a replacement is found.
Still, investors are understandably rattled.
Source Fool.com
