International Business Machines Corp. Chief Executive Officer Ginni Rometty will succeed former CEO Sam Palmisano as chairman of the board, cementing her transition as leader of the century-old company.
Rometty, 55, will take the new role on Oct. 1, the same day that Palmisano steps down from the board, Armonk, New York-based IBM said today in a statement. Palmisano, 61, will become a senior adviser until he retires on Dec. 1.
Rometty became IBM's ninth CEO and its first female leader in January, after rising up through jobs in services, sales, strategy and marketing. She oversaw the integration of PricewaterhouseCoopers Consulting, helping the company build a staff of more than 100,000 consultants. Palmisano served as CEO between 2002 and 2012, and was chairman since 2003.
IBM shares fell less than 1 percent to $204.98 today in New York. The stock has climbed 11 percent this year.