IBM CEO Arvind Krishna needs new business cards already after appointment as board chair
- Reference: 1608184991
- News link: https://www.theregister.co.uk/2020/12/17/ibm_ceo_arvind_krishna_appointed_chairman/
- Source link:
He’ll start the extra gig on January 1st, the day after Ginni Rometty, his predecessor, retires.
Rometty, however, is not done with IBM and the company confirmed in a [1]regulatory filing that: “She may be asked, from time to time, to provide services to the company as an independent contractor. The fee for such services would be $20,000 per day for each day she provides four or more hours of services and $10,000 per day for each day that she provides less than four hours.”
IBM bet the company on hybrid cloud. Analysts just rated it a mere 'contender' for hybrid management [2]READ MORE
A [3]letter from IBM to Rometty spells out that she’s not to “exceed 20% of the average level of services performed by you over the 36-month period immediately prior to your Retirement Date.” Which sounds like this is a one-day-a-week gig, an amount of work that will deliver a million-dollar annual payday.
The letter also spells out that Rometty will be provided with an office and support staff, plus “travel on Company aircraft in the course of providing the Services” if approved by Krishna.
Krishna’s appointment as chairman of the board is business as usual for IBM, as all but IBM’s first chair - George W. Fairchild – have served as CEO and chair.
The appointment cements Krishna’s role and gives him a platform from which to pursue his plan of [4]spinning out IBM’s services business and focusing on hybrid cloud .
At the same time, IBM is clearing out [5]thousands of workers across Europe , so the soft landing highly paid consultancy shifts for Rometty will likely not be well received by some in the rank and file. ®
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[1] https://www.sec.gov/ix?doc=/Archives/edgar/data/51143/000110465920136302/tm2038625d1_8k.htm
[2] https://www.theregister.com/2020/12/08/forrester_wave_hybrid_cloud_management/
[3] https://www.sec.gov/Archives/edgar/data/51143/000110465920136302/tm2038625d1_ex99-2.htm
[4] https://www.theregister.com/2020/10/08/ibm_splits_off_services_division/
[5] https://www.theregister.com/2020/11/13/ibm_warns/
[6] https://whitepapers.theregister.com/
Good work, if you can get it
$20k full day
$10k half day
corporate helicopter
office
support staff
free coffee & tea
Just hope it doesn't interfere too much with her charity work.
Re: Good work, if you can get it
> support staff
Just a dog.
Her job is to feed the dog.
The dogs job is to bite her if she does anything to interfere with IBM.
Re: Good work, if you can get it
sounds like a Good Boy!
What an arse
“She may be asked, from time to time, to provide services to the company as an independent contractor. The fee for such services would be $20,000 per day for each day she provides four or more hours of services and $10,000 per day for each day that she provides less than four hours.”
How insulting to all the other staff. A years salary for one day!
Not only does this piss me off but it also continues to piss me off when directors and CEOs even in the public sector get "Golden handshakes" to "fuck off" where as anyone else down the chain just gets fired. One such director got over 100k to fuck off early instead of firing them for "issues", anyone else would of been fired.
The amount of times you read it in the Private Eye, its shocking.
Re: What an arse
Their payoff is proportional to the amount of dirt they have on the company at time of firing...
The Last Days of Rome-tty
Funny how the demise of once great empires comes to be marked by unhinged decadence at the top by leaders who try to convince themselves they are still influential and powerful, whilst those who toil at the bottom are left to rot as the victims of the emperors futile schemes for continuation of long departed glory.
[1]The parallels are uncanny
[1] https://historycollection.com/last-days-rome-great-empire-fell-barely-whimper/
My God. What a bitch-slap to the face of all those IBM workers who are going to face an uncertain Christmas and an even more uncertain future. Its fucking obscene.
Insane Bungling Munchkins
How much more corrupt do you have to be to keeping on keeping the moneypit down the pipe exCEO on retainer. Instead of paying workers decent salaries and helping the experts train the next gen staff. ... not that I expect that all the experts would willingly train their replacements. ... at least cut ties with the bungleress in chief