October 28, 2002
I.B.M. Weathers Tech Storm
NY Times: Since he took over as I.B.M.'s chief executive eight months ago, Samuel J. Palmisano has moved swiftly to cut costs, jettison lagging operations and add to the company's big-services business.
When the slump in technology spending deepened, he shut down some of I.B.M.'s older semiconductor plants and sold off its hard-disk drive business to Hitachi. He has trimmed the work force by 5 percent, or 15,600 employees. He bought PricewaterhouseCoopers Consulting for $3.5 billion, in a deal that closed this month, to bolster I.B.M.'s services business. (full story)
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