IBM last October announced plans to spin off its IT infrastructure division into the new company so it could prioritize cloud computing for its legacy business. NewCo will operate independently from IBM with a focus on managing and modernizing IT infrastructure.
The separation is to be completed by the end of 2021, according to the announcement. Last October, IBM CEO Arvind Krishna told CNBC that spinning off NewCo will let IBM focus on its hybrid cloud platform and AI capabilities. He added that “NewCo will have greater agility to design, run and modernize the infrastructure” of its clients and that “both companies will be on an improved growth trajectory with greater ability to partner and capture new opportunities…”
Most recently, Mr. Schroeter served as IBM’s senior vice president of global markets, where he oversaw the company’s global sales and client relationships. He was also CFO of IBM from 2014-17 and has held various other leadership positions since joining the company in 1992.
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