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| {{short description|American business executive}} | {{short description|American business executive (born 1957)}} | ||
| {{Use mdy dates|date=March 2022}} | |||
| {{Infobox |
{{Infobox person | ||
| |name = Ginni Rometty | |name = Ginni Rometty | ||
| |image = Ginni Rometty at the Fortune MPW Summit in 2011.jpg | |image = Ginni Rometty at the Fortune MPW Summit in 2011.jpg | ||
| |alt = Ginni Rometty at the Fortune MPW Summit in 2011 | |alt = Ginni Rometty at the Fortune MPW Summit in 2011 | ||
| |birth_name = Virginia |
|birth_name = Virginia Nicosia | ||
| |birth_date = {{birth date and age|1957|7|29}} | |birth_date = {{birth date and age|1957|7|29}} | ||
| |birth_place = ], ], U.S. | |birth_place = ], ], U.S. | ||
| Line 10: | Line 11: | ||
| |death_place = | |death_place = | ||
| |education = ] (]) | |education = ] (]) | ||
| |spouse = Mark Rometty (1979–present) | |||
| }} | }} | ||
| '''Virginia |
'''Virginia''' "'''Ginni'''" '''Rometty''' (born July 29, 1957) is an American business executive who was executive chairman of IBM after stepping down as CEO on April 1, 2020. She was previously chairman, president and CEO of ], becoming the first woman to head the company. She retired from IBM on December 31, 2020, after a near-40 year career there.<ref name="female">{{cite news|url=http://www.businessweek.com/news/2011-10-25/ibm-names-rometty-to-succeed-palmisano-as-first-female-ceo.html|title=IBM Names Rometty to Succeed Palmisano as First Female CEO|date=October 25, 2011|website=]|url-status=dead|archive-url=https://archive.today/20130102134922/http://www.businessweek.com/news/2011-10-25/ibm-names-rometty-to-succeed-palmisano-as-first-female-ceo.html|archive-date=January 2, 2013|access-date=October 25, 2011}}</ref><ref name="Bloomberg-26092012">{{cite news|title=IBM's Ginni Rometty Completes Her Ascent by Adding Chairman Role|newspaper=Bloomberg.com |date=September 26, 2012 |url=https://www.bloomberg.com/news/2012-09-25/ibm-s-ceo-ginni-rometty-succeeds-palmisano-as-board-chairman.html|publisher=Bloomberg L.P.|access-date=September 26, 2012}}</ref><ref name="INVESTORPLACE">{{cite web|last=Aluise|first=Susan J.|title=America's 10 Most Powerful Female CEOs|url=http://investorplace.com/2012/05/the-top-10-female-ceos/10/#.U76npbErh9l|website=InvestorPlace|access-date=July 10, 2014|date=May 10, 2012}}</ref> Before becoming president and CEO in January 2012, she first joined IBM as a systems engineer in 1981 and subsequently headed global sales, marketing, and strategy.<ref name="BARRONSblue">, '']'', Leslie P. Norton, May 31, 2014</ref><ref name="BLOOMBERGbio"/> | ||
| While general manager of IBM's global services division, in 2002 she helped negotiate IBM's purchase of ]' IT consulting business, becoming known for her work integrating the two companies.<ref name="WALLSTREETante">, Spencer E. Ante And Joann S. Lublin, '']'', October 27, 2011</ref><ref name="SORORITY">{{cite journal |url=http://fortune.com/2012/09/20/ibms-ginni-rometty-looks-ahead/ |title=IBM's Ginni Rometty looks ahead |first=Jessi |last=Hempel |journal=] |date=October 8, 2012}}</ref> As CEO, she focused IBM on analytics, ], and cognitive computing systems.<ref name=":0">{{Cite journal|title = Fortune's Most Powerful Women List|last = Bellstrom|first = Kristen|date = September 15, 2015|journal = Fortune}}</ref><ref name="FINANCIALREVIEWsurge">, ''Financial Review'', February 7, 2017</ref> | |||
| ⚫ | Rometty's tenure as IBM's CEO was marked by |
||
| ⚫ | Rometty's tenure as IBM's CEO was marked by awards including by ] ],<ref name="FIFTYMOST"/> '']''{{'s}} "50 Most Powerful Women in Business", '']''{{'}}s 20 Most Important People in Tech and '']''{{'}} America's Top 50 Women In Tech.<ref>{{cite magazine|url=https://www.forbes.com/profile/ginni-rometty/?list=top-tech-women-america |title=Ginni Rometty |magazine=]}}</ref><ref name="MOSTIMOPRTANTtech" /><ref name="BLOOMBERGbio"/><ref name="CNN"/><ref name="FORTUNERometty"/> Her tenure was also met by fierce criticism relating to executive compensation bonuses, layoffs, outsourcing, and presiding over 24 consecutive quarters of revenue decline.<ref name="CNNgrowth">{{cite news |url=https://money.cnn.com/2018/01/18/technology/business/ibm-q4-earnings/index.html |title=IBM 's sales grew for the first time in 5 years |author=Danielle Wiener-Bronner |work=CNN |date=January 18, 2018}}</ref><ref name="247WALLGO"/><ref name="Fortune Magazine">{{cite web|title=Fortune Magazine|url=http://fortune.com/2016/01/29/ibm-ginni-rometty-bonus/|website=Gets a Raise Despite Tumbling Stock Price}}</ref> | ||
| ==Early life and education== | ==Early life and education== | ||
| Ginni Rometty was born on July 29, 1957, in ], ], as Virginia |
Ginni Rometty was born on July 29, 1957, in ], ], as Virginia Nicosia.<ref name=FT>{{cite web |last=Waters |first=Richard |title=More than a big smile on Big Blue's face |url=http://www.ft.com/cms/s/0/53160726-008b-11e1-ba33-00144feabdc0.html#axzz37erUoLRr |access-date=July 16, 2014|date=October 28, 2011|work=]}}</ref><ref name="dailynw2010">{{cite web| url= http://www.dailynorthwestern.com/nu-appoints-5-new-members-to-board-of-trustees-1.2276760 |archive-url = https://web.archive.org/web/20100629040428/http://www.dailynorthwestern.com/nu-appoints-5-new-members-to-board-of-trustees-1.2276760 |archive-date=June 29, 2010 | title= NU appoints 5 new members to Board of Trustees | date= June 25, 2010 | publisher= ] | access-date=October 26, 2011}}</ref><ref name="INVESTORPLACE"/> Growing up outside Chicago, she was the eldest of four children in an ] family.<ref name="BARRONSblue"/> Her parents divorced and her father left when she was fifteen years old, and her mother subsequently took on multiple jobs to support the family while Rometty looked after the household in the evenings.<ref name="dailynw2010" /><ref name=FT/><ref name="FINANCIALTIMEStett">, Gillian Tett, '']'', February 6, 2015</ref> | ||
| She began attending ] in Illinois in 1975 on a scholarship from ], where she interned between her junior and senior years.<ref name="FINANCIALTIMEStett |
She began attending ] in Illinois in 1975 on a scholarship from ], where she interned between her junior and senior years.<ref name="FINANCIALTIMEStett"/> Rometty was also a member of the ] sorority, eventually becoming its president.<ref name="SORORITY"/> She graduated with high honors from the ] at Northwestern University in 1979,<ref name="dailynw2010"/><ref name="BLOOMBERGbio"/> receiving a bachelor's degree in ] and ].<ref name="wired2011">{{cite magazine| url= https://www.wired.com/wiredenterprise/2011/10/virginia-rometty/ | title= IBM Names Virginia Rometty as First Female CEO | date= October 25, 2011 | magazine= ] | access-date= October 26, 2011}}</ref><ref name="dailynw2010"/> She has received honorary doctoral degrees from ] (2014)<ref name="RENSSELAER">{{cite web|title=Rensselaer Polytechnic Institute Graduates 1,613 in 208th Commencement Ceremony |url=http://news.rpi.edu/content/2014/05/24/rensselaer-graduates-1613-208th-commencement-ceremony|access-date=April 4, 2015}}</ref> and ] (2015).<ref name="NORTHWESTERN">{{cite web|title=IBM executive, Northwestern alumna Virginia Rometty to speak at 2015 commencement|date=March 5, 2015 |url=http://dailynorthwestern.com/2015/03/05/campus/ibm-executive-northwestern-alumna-virginia-rometty-to-speak-at-2015-commencement/|access-date=April 4, 2015}}</ref> She also received an honorary degree from ].<ref>{{cite web |title=NC State Commencement |url=https://news.ncsu.edu/2019/04/ibm-ceo-to-give-nc-state-spring-commencement-speech/ |website=news.ncsu.edu |date=April 15, 2019 |access-date=January 31, 2020}}</ref> | ||
| ==Career== | ==Career== | ||
| ===1979–1990s: GM and IBM technical positions=== | ===1979–1990s: GM and IBM technical positions=== | ||
| ⚫ | After graduation in 1979, Rometty went to work for ]<ref name="wired2011"/> in ],<ref name="SORORITY"/> where she was responsible for application and systems development.<ref name="BLOOMBERGbio"/> In 1981 she joined ] as a ]<ref name=FT/> and ] in Detroit.<ref name="wired2011"/><ref name="SORORITY"/> Initially working with clients in the insurance industry,<ref name="WALLSTREETante"/> she spent her first ten years at IBM in technical positions.<ref name=FT/> '']'' writes that she "quickly moved up to a series of management jobs",<ref name="NYT2011">{{cite news| url=https://www.nytimes.com/2011/10/26/technology/ibm-names-a-new-chief.html | title= I.B.M. Names Virginia Rometty as New Chief Executive | date= October 25, 2011 | newspaper= ] | access-date=October 26, 2011 |url-access=subscription}}</ref> where she worked with clients in insurance, banking, telecommunications, manufacturing and health care.<ref name="SORORITY"/><ref name="NYT2011"/> She spent the 1990s working in sales,<ref name="SORORITY"/> and by the late 1990s was helping clients such as ] with their internet features.<ref name="WALLSTREETante"/> She joined IBM's Consulting Group in 1991.<ref name="NYT2011"/> | ||
| After graduation in 1979, Rometty went to work for ]<ref name="wired2011"/> in ],<ref name="SORORITY"/> where she was responsible for application and systems development.<ref name="BLOOMBERGbio"/> In | |||
| ⚫ | |||
| ===2000–2011: IBM management=== | ===2000–2011: IBM management=== | ||
| While general manager of IBM's global services division,<ref name="SORORITY"/> in 2002 she championed<ref name="NYT2011"/> and helped negotiate the purchase of Monday, the consulting arm of professional services firm ]<ref name="SORORITY"/> for $3.5 billion.<ref name="NYT2011" |
While general manager of IBM's global services division,<ref name="SORORITY"/> in 2002 she championed<ref name="NYT2011"/> and helped negotiate the purchase of Monday, the consulting arm of the professional services firm ]<ref name="SORORITY"/> for $3.5 billion.<ref name="NYT2011"/><ref name="CNN"/> The acquisition was the "largest in professional services history"<ref name="LACCcouncil">, Latin America Conservation Council, 2018</ref> and launched IBM in the services business.<ref name="CNN"/> While senior vice president of IBM Global Business Services,<ref name="INVESTORPLACE"/><ref name="LACCcouncil"/> Rometty then received her "big break"<ref name=FT/> at IBM when she was given the task of integrating PricewaterhouseCoopers and its consultants with IBM.<ref name="WALLSTREETante"/> In 2002, '']'' named her in its 2002 Global Business Influential list. From 2005 until 2009, she was the senior vice president of Global Business Services at IBM, and she also became senior vice president of Enterprise Business Services-IBM Global Services in July 2005.<ref name="BLOOMBERGbio"/> Among other roles, she was general manager of IBM Global Services, Americas, as well as general manager of IBM's Global Insurance and Financial Services Sector.<ref name="BLOOMBERGbio"/><ref name="LACCcouncil"/> She was also a managing partner at IBM Business Consulting Services, Inc. and general manager of Insurance Industry Group.<ref name="BLOOMBERGbio"/> She received the Carl Sloane Award 2006 from the Association of Management Consulting Firms.<ref name="BLOOMBERGbio"/><ref name="LACCcouncil"/> | ||
| Laid out by Rometty and other IBM executives,<ref name="SORORITY"/><ref name="INVESTORPLACE"/> in 2007 IBM announced<ref name="BARRONSblue"/> a five-year growth plan<ref name="CNN"/> concerning revenue growth and capital allocation.<ref name="BARRONSblue"/> Among other strategies, the "2015 Roadmap"<ref name="SORORITY"/><ref name="INVESTORPLACE"/> outlined moving IBM away from the hardware industry to focus on businesses such as software and services.<ref name="INVESTORPLACE"/> |
Laid out by Rometty and other IBM executives,<ref name="SORORITY"/><ref name="INVESTORPLACE"/> in 2007 IBM announced<ref name="BARRONSblue"/> a five-year growth plan<ref name="CNN"/> concerning revenue growth and capital allocation.<ref name="BARRONSblue"/> Among other strategies, the "2015 Roadmap"<ref name="SORORITY"/><ref name="INVESTORPLACE"/> outlined moving IBM away from the hardware industry to focus on businesses such as software and services.<ref name="INVESTORPLACE"/> She became senior vice president and group executive for sales, marketing and strategy in 2009,<ref name="NYT2011"/><ref name="wired2011"/> focusing on the company's "fast-growing analytics unit".<ref name="NYT2011"/> In January 2009, she was placed in charge of IBM's sales force,<ref name="WALLSTREETante"/> as senior vice president of global sales and distribution until 2010.<ref name="BLOOMBERGbio"/> During this time, she pushed the development of IBM's growth-markets unit, which had been created in 2008 to focus on emerging markets such as ] and ].<ref name="WALLSTREETante"/> From 2010 until 2012 she was an IBM senior vice president, and from 2010 until 2012, she was IBM's Group Executive of Sales, Marketing & Strategy.<ref name="BLOOMBERGbio"/> In 2011, ] reported that she was "credited with spearheading IBM's growth strategy by getting the company into the ] and analytics businesses. She was also at the helm of readying ], the '']'' playing computer, for commercial use."<ref name="CNNpalmisano">{{cite web|url=https://money.cnn.com/2011/10/25/technology/ibm_ceo_palmisano_steps_down/?source=cnn_bin|title=IBM CEO Sam Palmisano to step down|date=October 25, 2011|publisher=]|access-date=October 25, 2011}}</ref> | ||
| ===2012–2020: Leadership of IBM=== | ===2012–2020: Leadership of IBM=== | ||
| On October 25, 2011, IBM announced that she was to be the company's next president and CEO,<ref name="wired2011"/><ref name="INVESTORPLACE"/> becoming the ninth chief executive in its history.<ref name="wired2011"/><ref name="SORORITY"/> Her role as IBM's first female chief received note in the press,<ref name="female"/> with former CEO ] responding that her selection had "zero to do with progressive social policies |
On October 25, 2011, IBM announced that she was to be the company's next president and CEO,<ref name="wired2011"/><ref name="INVESTORPLACE"/> becoming the ninth chief executive in its history.<ref name="wired2011"/><ref name="SORORITY"/> Her role as IBM's first female chief received note in the press,<ref name="female"/> with former CEO ] responding that her selection had "zero to do with progressive social policies".<ref name="NYT2011"/> She became president and CEO on January 1, 2012, also taking on the additional role of IBM chairman on October 1, 2012,<ref name="BLOOMBERGbio"/> when Palmisano retired.<ref name=Bloomberg-26092012/> With plans to take IBM out of unprofitable business lines<ref name="FINANCIALTIMEStett"/> and citing ] and ] as IBM's "next big growth machine",<ref name="BARRONSblue"/> in 2014 she brokered a partnership for ] to design applications for IBM's enterprise customers. Later that year, she announced that IBM would partner with ] on cloud computing and with ] on data analytics and, in 2015, she also brokered a partnership with ].<ref>, ''Business Journals'', Caroline McMillan Portillo, June 24, 2015</ref> Rometty had IBM spend $8.5 billion acquiring around 30 companies between 2012 and 2015,<ref name=":0"/> and by 2016 she had overseen the divestment of about $7 billion in commoditized assets such as chip manufacturing.<ref name="Fortune Magazine"/> | ||
| In May 2017, ''Austin Business'' reported that Rometty had successfully |
In May 2017, ''Austin Business'' reported that Rometty had successfully moved IBM away from "shrinking businesses such as computers and operating system software, and into higher-growth areas like artificial intelligence."<ref name="AUSTINBUSINESS"/><ref name=":0"/><ref name="FORBESlaw">, Adrian Bridgewater, ''Forbes'', March 20, 2018</ref><ref name="FINANCIALREVIEWsurge"/> On June 28, 2017, she was awarded the ] Inspire Greatness Award.<ref name="KPMG">, ], June 28, 2017</ref> In January 2018, she announced IBM's first quarter of year-over-year revenue increase since 2012, with particular growth in areas such as data, ], and the cloud.<ref>{{cite news |url=https://www.nytimes.com/2018/01/18/business/ibm-revenue.html |title=IBM Ends 22-Quarter Streak of Falling Revenue |first=Steve |last=Lohr |work=The New York Times |date=January 18, 2018 |url-access=subscription}}</ref> By 2018, she stated that around half of IBM's 9,043 patents in 2017 were in AI, cloud computing, cybersecurity, blockchain and quantum computing.<ref>, IBM, January 9, 2018</ref> | ||
| On January 30, 2020, it was announced that Rometty would be stepping down as IBM's CEO to be replaced by ]. She remained executive chairman until |
However, the accolades and awards did not translate into marketplace success, and under Rometty's tenure, IBM's revenue declined over 40%, from over $100b in 2011 to less than $60b in 2019.<ref>, Statista, Sept 9, 2024</ref> On January 30, 2020, it was announced that Rometty would be stepping down as IBM's CEO to be replaced by ]. She remained executive chairman until December 31, 2020, when she was replaced by Arvind Krishna.<ref>{{cite press release| url = https://newsroom.ibm.com/2020-12-16-Arvind-Krishna-Elected-IBM-Chairman| title = Arvind Krishna Elected IBM Chairman |publisher=IBM}}<br>- {{cite news| url = https://www.wsj.com/articles/ginni-rometty-stepping-down-as-ibm-ceo-11580420650| title = IBM's Ginni Rometty Steps Down as CEO |work=Wall Street Journal |url-access=subscription | last1 = Fitch | first1 = Asa }}<br>- {{Cite news|url=https://www.washingtonpost.com/business/2020/01/30/ibm-ceo-rometty/|title=IBM's Ginni Rometty is stepping down as CEO|last=McGregor|first=Jena|date=January 30, 2020|newspaper=Washington Post |access-date=February 28, 2020}}<br>- {{Cite news|last=Lohr|first=Steve|url=https://www.nytimes.com/2020/01/30/technology/ginni-rometty-ibm-ceo.html|title=Ginni Rometty to Step Down as C.E.O. of IBM|date=January 30, 2020|work=The New York Times|access-date=February 28, 2020 |issn=0362-4331 |url-access=subscription}}</ref> | ||
| ==Boards and committees== | ==Boards and committees== | ||
| ] | ] | ||
| A director at IBM since 2012, Rometty has also been involved in IBM organizations such as its Women in Technology Council, Women's Executive Council, and Women's Leadership Council. A former director at APQC,<ref name="BLOOMBERGbio"/> she also served on the board of directors of ] from 2006 until 2009.<ref name="BLOOMBERGbreaks">. Bloomberg BusinessWeek, |
A director at IBM since 2012, Rometty has also been involved in IBM organizations such as its Women in Technology Council, Women's Executive Council, and Women's Leadership Council. A former director at APQC,<ref name="BLOOMBERGbio"/> she also served on the board of directors of ] from 2006 until 2009.<ref name="BLOOMBERGbreaks">. Bloomberg BusinessWeek, October 26, 2011.</ref> She remains on the board of overseers and board of managers<ref name="BLOOMBERGbio"/> for the ],<ref name="LACCcouncil"/><ref name="MSKCC">{{cite web| url= http://www.mskcc.org/annualreport/2010/pdfs/MSK_AR2010_board.pdf | title= 2010 Annual Report | publisher= ] | access-date=October 26, 2011}}</ref> and since 2013<ref name="LACCcouncil"/> she has been a council member at the ].<ref name="CONSERVATIONC">{{cite web|title=LACC Members|url=http://www.nature.org/latin-america-conservation-council/about-us/lacc-members.xml|work=Latin America Conservation Council website|publisher=]|access-date=April 25, 2014|archive-url=https://web.archive.org/web/20140318022815/http://www.nature.org/latin-america-conservation-council/about-us/lacc-members.xml|archive-date=March 18, 2014|url-status=dead}}</ref> Rometty serves on the ] and is also on the board of trustees of her '']'' Northwestern University,<ref name="BLOOMBERGbio"/><ref name="LACCcouncil"/> where she was commencement speaker for the graduating class of 2015.<ref name="NORTHWESTERN"/> She was a member of the White House's Business Advisory Panel for much of 2017, before the panel dissolved itself that August.<ref> {{Webarchive|url=https://web.archive.org/web/20180725154915/http://fortune.com/2017/08/16/ibm-ceo-trump-advisory-panel-killed/ |date=July 25, 2018 }}, '']'', August 16, 2017</ref> In November 2017, she co-chaired ].<ref>{{cite news |url=https://www.telegraph.co.uk/business/2017/11/14/world-economic-forum-asks-seven-women-co-chair-davos-zero/ |title=World Economic Forum asks seven women to co-chair Davos – and zero men |work=] |first=Sophie |last=Christie |date=November 14, 2017}}</ref> | ||
| She also serves as the co-chair of the Aspen Institute’s Cyber Group, a member of the advisory board of ], and a member of the Singapore Economic Development Board International Advisory Council.<ref |
She also serves as the co-chair of the Aspen Institute’s Cyber Group, a member of the advisory board of ], and a member of the Singapore Economic Development Board International Advisory Council.<ref>{{cite press release| url= https://www.jpmorganchase.com/ir/news/2020/jpmc-board-of-directors-051920 | title= JPMorgan Chase Board of Directors Welcomes Virginia Rometty |publisher=JPMorgan Chase |date=May 19, 2020 |access-date=December 29, 2020}}<br>- {{cite web| url= https://www.edb.gov.sg/en/about-edb/our-team/international-advisory-council.html | title=Our Team |publisher=Singapore Economic Development Board | access-date=December 29, 2020}}</ref> In May 2020, she was elected to the board of ].<ref>{{cite web| url= https://www.marketscreener.com/quote/stock/JPMORGAN-CHASE-CO-37468997/news/JPMorgan-Says-IBM-Executive-Chairman-Rometty-Elected-to-Board-30636256/ | title= JPMorgan Says IBM Executive Chairman Rometty Elected to Board | last=Dabaie |first=Michael |website=MarketScreener |date=May 19, 2020| access-date=December 29, 2020}}</ref> | ||
| ==Industry reception== | ==Industry reception== | ||
| Rometty's tenure as IBM CEO has been marked by prestigious rankings, including by ], who named her among the ] in 2012.<ref name="FIFTYMOST">] list of '']'' magazine in September 2012</ref> She was also named to the |
Rometty's tenure as IBM CEO has been marked by prestigious rankings, including by ], who named her among the ] in 2012.<ref name="FIFTYMOST">] list of '']'' magazine in September 2012</ref> She was also named to the ] list in 2012,<ref name="Time100">{{cite magazine|url=http://www.time.com/time/specials/packages/article/0,28804,2111975_2111976_2111962,00.html|archive-url=https://web.archive.org/web/20120419015116/http://www.time.com/time/specials/packages/article/0,28804,2111975_2111976_2111962,00.html|url-status=dead|archive-date=April 19, 2012|title=The 100 Most Influential People in the World|last=Mayer|first=Marissa|date=April 18, 2012|magazine=Time|access-date=April 18, 2012}}</ref> and in 2014 Rometty was featured in the ] documentary ''The Boomer List''.<ref name="PBSBOOMER">{{cite web|url=http://video.pbs.org/video/2365327830/|title=The Boomer List|publisher=]|pages=Rometty starting at 1 hr 6 min|access-date=October 9, 2014}}</ref> Since 2005<ref name="BLOOMBERGbio">, ''Bloomberg''</ref> she has been listed among '']'' "50 Most Powerful Women in Business",<ref name="CNN">{{cite magazine|url=https://money.cnn.com/magazines/fortune/most-powerful-women/2012/snapshots/1.html?hpt=hp_c2|title=Ginni Rometty|date=September 20, 2012|magazine=]|access-date=September 20, 2012}}</ref><ref name="FORTUNERometty">{{cite magazine|url=http://fortune.com/most-powerful-women/ginni-rometty-1/|title=Ginni Rometty|date=2014|magazine=]|access-date=March 19, 2015|archive-date=October 11, 2015|archive-url=https://web.archive.org/web/20151011032717/http://fortune.com/most-powerful-women/ginni-rometty-1/|url-status=dead}}</ref> ranking in the top 10 since 2010.<ref name="KPMG"/> After ranking No. 7 in 2011,<ref name="CNN"/> she ranked No. 1 from 2012<ref name="Fortune Magazine"/><ref name="SORORITY"/> until 2014,<ref name="Fortune Magazine"/><ref name="FORTUNERometty"/> No. 3 in 2015,<ref name=":0" /><ref name="Fortune Magazine"/> No. 4 in 2016, and No. 7 in 2017.<ref name="FORTUNEnewlist"> {{Webarchive|url=https://web.archive.org/web/20180725183703/http://fortune.com/most-powerful-women/ginni-rometty-6/ |date=July 25, 2018 }}, ''Fortune'', 2017</ref> She was named to '']'' magazine's "World's 100 Most Powerful People" in 2014,<ref name="FORBES100">'']'' magazine's "World's 100 Most Powerful People" in 2014.{{cite magazine| url= https://www.forbes.com/powerful-people/list/#tab:overall |title=The world's 100 most powerful |magazine= Forbes}}</ref> and she also ranked No. 11 on the 2016 ''Forbes'' list of ].<ref name="FORBESPOWER">{{Cite news|url=https://www.forbes.com/power-women/#/tab:overall_page:2|title=World's Most Powerful Women|work=Forbes|access-date=July 24, 2017 }}</ref> The following year she ranked No. 10.<ref>{{Cite news|url=https://www.forbes.com/power-women/list/#tab:overall|title=World's Most Powerful Women|work=Forbes|access-date=March 29, 2018 }}</ref> She was named the sixth most important person in tech by '']'' magazine in March 2018. <ref name="MOSTIMOPRTANTtech">, ''Time'', May 8, 2017</ref> | ||
| Rometty's tenure as CEO has met with criticism as well, |
Rometty's tenure as CEO has met with criticism as well, during her tenure, IBM revenue dropped from $104 billion in 2012 to $60 billion in 2020. <ref name="Fortune Magazine"/> By 2016, she had been named among the worst CEOs by publications including the '']'',<ref name="MOTLEY">{{Cite news|url=https://www.fool.com/investing/general/2014/12/13/the-worst-tech-ceos-of-2014.aspx|title=The Worst Tech CEOs of 2014 -- The Motley Fool|last=Mattera|first=Sam|date=May 2, 2017|work=The Motley Fool|access-date=May 2, 2017 }}</ref> ''Forbes'',<ref>{{Cite news|url=https://www.forbes.com/sites/adamhartung/2017/04/21/why-you-do-not-want-to-own-ibm-growth-stalls-are-deadly/#606662a171bf|title=Why You Do Not Want To Own IBM: Growth Stalls Are Deadly|last=Hartung|first=Adam|work=Forbes|access-date=May 2, 2017}}</ref> the '']'',<ref>{{Cite news|url=https://www.wsj.com/articles/how-much-the-best-and-worst-ceos-got-paid-1435104565|title=How Much the Best-Performing and Worst-Performing CEOs Got Paid|last=Lublin|first=Joann S.|date=June 25, 2015|work=Wall Street Journal|access-date=May 2, 2017|issn=0099-9660 |url-access=subscription}}</ref> and ''24/7 Wallstreet''.<ref name="247WALLGO">{{Cite news|url=http://247wallst.com/special-report/2016/02/25/ceos-who-have-to-go-in-2016/2/|title=CEOs Who Have to Go in 2016|work=247wallst.com|access-date=May 2, 2017 }}</ref> She was criticized by investors<ref>{{Cite news|url=http://www.businessinsider.com/mark-cuban-ibm-is-not-a-tech-company-2014-10|title=Mark Cuban Slams IBM: It's 'No Longer A Tech Company. They Have No Vision.'|work=Business Insider|access-date=April 21, 2017 }}</ref> for 22 consecutive quarters of revenue decline between 2012 and the summer of 2017,<ref name="FINANCIALREVIEWsurge"/><ref name="CNNgrowth"/> and by IBM employees for accepting pay bonuses during times of layoffs<ref name="AUSTINBUSINESS">, Anthony Noto, '']'', May 19, 2017</ref> and offshoring.<ref name="Fortune Magazine"/><ref>{{Cite web|url=http://thevarguy.com/business-technology-solution-sales/020315/ibm-employees-react-rometty-exec-bonuses-layoffs-reach-5k|title=IBM: Employees React to Rometty, Exec Bonuses as Layoffs Reach 5K|website=The Var Guy |access-date=May 2, 2017|archive-url=https://web.archive.org/web/20171023110313/http://thevarguy.com/business-technology-solution-sales/020315/ibm-employees-react-rometty-exec-bonuses-layoffs-reach-5k|archive-date=October 23, 2017|url-status=dead}}</ref><ref name="247WALLGO"/> | ||
| In May 2019, Rometty received the ] for her commitment to innovation throughout her career.<ref>{{Cite web|url=https://news.northwestern.edu/stories/2019/05/trustee-and-alumna-ginni-rometty-honored-with-edison-achievement-award/|title=Trustee and alumna Ginni Rometty honored with Edison Achievement Award| |
In May 2019, Rometty received the ] for her commitment to innovation throughout her career.<ref>{{Cite web|url=https://news.northwestern.edu/stories/2019/05/trustee-and-alumna-ginni-rometty-honored-with-edison-achievement-award/|title=Trustee and alumna Ginni Rometty honored with Edison Achievement Award |publisher=Northwestern University |access-date=July 25, 2019}}</ref> | ||
| ==Personal life== | ==Personal life== | ||
| Virginia Nicosia married Mark Anthony Rometty, |
Virginia Nicosia married Mark Anthony Rometty,<ref name="TIMEShusband">{{cite news|url=https://www.nytimes.com/2011/11/05/business/a-ceos-support-system-a-k-a-husband.html?pagewanted=all |title=A C.E.O.'s Support System, a k a Husband|last=Stewart|first=James B.|date=November 5, 2011|newspaper=The New York Times|access-date=May 3, 2013 |url-access=subscription}}</ref> a private-equity investor, in 1979.<ref name="BARRONSblue"/> With no children, they divide their time between New York and ].<ref name="TIMEShusband"/> She goes to ] and participates in scuba diving as a hobby.<ref name="SORORITY"/> In 2014, she became the third female member of the ], following the lead of ].<ref>{{cite web|url=https://www.espn.com/golf/story/_/id/11871158/virginia-rometty-becomes-3rd-female-member-augusta-national|title=Virginia Rometty becomes 3rd female member of Augusta National |work=ESPN |date=November 13, 2014 |access-date=November 17, 2014}}</ref> | ||
| ==References== | ==References== | ||
| {{Reflist|30em |
{{Reflist|30em}} | ||
| <ref name=Bloomberg-26092012>{{cite web|title=IBM's Ginni Rometty Completes Her Ascent by Adding Chairman Role|url=https://www.bloomberg.com/news/2012-09-25/ibm-s-ceo-ginni-rometty-succeeds-palmisano-as-board-chairman.html|publisher=Bloomberg L.P.|access-date=26 September 2012}}</ref> | |||
| }} | |||
| ==External links== | ==External links== | ||
| ⚫ | {{Commons category-inline|Ginni Rometty}} | ||
| {{Wikiquote|Virginia Rometty}} | |||
| *, IBM | *, IBM | ||
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Latest revision as of 05:47, 17 November 2024
American business executive (born 1957)
| Ginni Rometty | |
|---|---|
 | |
| Born | Virginia Nicosia (1957-07-29) July 29, 1957 (age 67) Chicago, Illinois, U.S. |
| Education | Northwestern University (BS) |
| Spouse | Mark Rometty (1979–present) |
Virginia "Ginni" Rometty (born July 29, 1957) is an American business executive who was executive chairman of IBM after stepping down as CEO on April 1, 2020. She was previously chairman, president and CEO of IBM, becoming the first woman to head the company. She retired from IBM on December 31, 2020, after a near-40 year career there. Before becoming president and CEO in January 2012, she first joined IBM as a systems engineer in 1981 and subsequently headed global sales, marketing, and strategy.
While general manager of IBM's global services division, in 2002 she helped negotiate IBM's purchase of PricewaterhouseCoopers' IT consulting business, becoming known for her work integrating the two companies. As CEO, she focused IBM on analytics, cloud computing, and cognitive computing systems.
Rometty's tenure as IBM's CEO was marked by awards including by Bloomberg's 50 Most Influential People in the World, Fortune's "50 Most Powerful Women in Business", Time's 20 Most Important People in Tech and Forbes' America's Top 50 Women In Tech. Her tenure was also met by fierce criticism relating to executive compensation bonuses, layoffs, outsourcing, and presiding over 24 consecutive quarters of revenue decline.
Early life and education
Ginni Rometty was born on July 29, 1957, in Chicago, Illinois, as Virginia Nicosia. Growing up outside Chicago, she was the eldest of four children in an Italian-American family. Her parents divorced and her father left when she was fifteen years old, and her mother subsequently took on multiple jobs to support the family while Rometty looked after the household in the evenings.
She began attending Northwestern University in Illinois in 1975 on a scholarship from General Motors, where she interned between her junior and senior years. Rometty was also a member of the Kappa Kappa Gamma sorority, eventually becoming its president. She graduated with high honors from the Robert R. McCormick School of Engineering and Applied Science at Northwestern University in 1979, receiving a bachelor's degree in computer science and electrical engineering. She has received honorary doctoral degrees from Rensselaer Polytechnic Institute (2014) and Northwestern University (2015). She also received an honorary degree from North Carolina State University.
Career
1979–1990s: GM and IBM technical positions
After graduation in 1979, Rometty went to work for General Motors Institute in Flint, where she was responsible for application and systems development. In 1981 she joined IBM as a systems analyst and systems engineer in Detroit. Initially working with clients in the insurance industry, she spent her first ten years at IBM in technical positions. The New York Times writes that she "quickly moved up to a series of management jobs", where she worked with clients in insurance, banking, telecommunications, manufacturing and health care. She spent the 1990s working in sales, and by the late 1990s was helping clients such as Prudential Financial, Inc. with their internet features. She joined IBM's Consulting Group in 1991.
2000–2011: IBM management
While general manager of IBM's global services division, in 2002 she championed and helped negotiate the purchase of Monday, the consulting arm of the professional services firm PricewaterhouseCoopers for $3.5 billion. The acquisition was the "largest in professional services history" and launched IBM in the services business. While senior vice president of IBM Global Business Services, Rometty then received her "big break" at IBM when she was given the task of integrating PricewaterhouseCoopers and its consultants with IBM. In 2002, Time named her in its 2002 Global Business Influential list. From 2005 until 2009, she was the senior vice president of Global Business Services at IBM, and she also became senior vice president of Enterprise Business Services-IBM Global Services in July 2005. Among other roles, she was general manager of IBM Global Services, Americas, as well as general manager of IBM's Global Insurance and Financial Services Sector. She was also a managing partner at IBM Business Consulting Services, Inc. and general manager of Insurance Industry Group. She received the Carl Sloane Award 2006 from the Association of Management Consulting Firms.
Laid out by Rometty and other IBM executives, in 2007 IBM announced a five-year growth plan concerning revenue growth and capital allocation. Among other strategies, the "2015 Roadmap" outlined moving IBM away from the hardware industry to focus on businesses such as software and services. She became senior vice president and group executive for sales, marketing and strategy in 2009, focusing on the company's "fast-growing analytics unit". In January 2009, she was placed in charge of IBM's sales force, as senior vice president of global sales and distribution until 2010. During this time, she pushed the development of IBM's growth-markets unit, which had been created in 2008 to focus on emerging markets such as Brazil and Vietnam. From 2010 until 2012 she was an IBM senior vice president, and from 2010 until 2012, she was IBM's Group Executive of Sales, Marketing & Strategy. In 2011, CNN reported that she was "credited with spearheading IBM's growth strategy by getting the company into the cloud computing and analytics businesses. She was also at the helm of readying Watson, the Jeopardy! playing computer, for commercial use."
2012–2020: Leadership of IBM
On October 25, 2011, IBM announced that she was to be the company's next president and CEO, becoming the ninth chief executive in its history. Her role as IBM's first female chief received note in the press, with former CEO Sam Palmisano responding that her selection had "zero to do with progressive social policies". She became president and CEO on January 1, 2012, also taking on the additional role of IBM chairman on October 1, 2012, when Palmisano retired. With plans to take IBM out of unprofitable business lines and citing big data and analytics as IBM's "next big growth machine", in 2014 she brokered a partnership for Apple to design applications for IBM's enterprise customers. Later that year, she announced that IBM would partner with SAP on cloud computing and with Twitter on data analytics and, in 2015, she also brokered a partnership with Box. Rometty had IBM spend $8.5 billion acquiring around 30 companies between 2012 and 2015, and by 2016 she had overseen the divestment of about $7 billion in commoditized assets such as chip manufacturing.
In May 2017, Austin Business reported that Rometty had successfully moved IBM away from "shrinking businesses such as computers and operating system software, and into higher-growth areas like artificial intelligence." On June 28, 2017, she was awarded the KPMG Inspire Greatness Award. In January 2018, she announced IBM's first quarter of year-over-year revenue increase since 2012, with particular growth in areas such as data, blockchain, and the cloud. By 2018, she stated that around half of IBM's 9,043 patents in 2017 were in AI, cloud computing, cybersecurity, blockchain and quantum computing.
However, the accolades and awards did not translate into marketplace success, and under Rometty's tenure, IBM's revenue declined over 40%, from over $100b in 2011 to less than $60b in 2019. On January 30, 2020, it was announced that Rometty would be stepping down as IBM's CEO to be replaced by Arvind Krishna. She remained executive chairman until December 31, 2020, when she was replaced by Arvind Krishna.
Boards and committees
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A director at IBM since 2012, Rometty has also been involved in IBM organizations such as its Women in Technology Council, Women's Executive Council, and Women's Leadership Council. A former director at APQC, she also served on the board of directors of AIG from 2006 until 2009. She remains on the board of overseers and board of managers for the Memorial Sloan Kettering Cancer Center, and since 2013 she has been a council member at the Latin America Conservation Council. Rometty serves on the Council on Foreign Relations and is also on the board of trustees of her alma mater Northwestern University, where she was commencement speaker for the graduating class of 2015. She was a member of the White House's Business Advisory Panel for much of 2017, before the panel dissolved itself that August. In November 2017, she co-chaired WEF Davos.
She also serves as the co-chair of the Aspen Institute’s Cyber Group, a member of the advisory board of Tsinghua University School of Economics and Management, and a member of the Singapore Economic Development Board International Advisory Council. In May 2020, she was elected to the board of JPMorgan Chase.
Industry reception
Rometty's tenure as IBM CEO has been marked by prestigious rankings, including by Bloomberg, who named her among the 50 Most Influential People in the World in 2012. She was also named to the Time 100 list in 2012, and in 2014 Rometty was featured in the PBS documentary The Boomer List. Since 2005 she has been listed among Fortune's "50 Most Powerful Women in Business", ranking in the top 10 since 2010. After ranking No. 7 in 2011, she ranked No. 1 from 2012 until 2014, No. 3 in 2015, No. 4 in 2016, and No. 7 in 2017. She was named to Forbes magazine's "World's 100 Most Powerful People" in 2014, and she also ranked No. 11 on the 2016 Forbes list of The World's 100 Most Powerful Women. The following year she ranked No. 10. She was named the sixth most important person in tech by Time magazine in March 2018.
Rometty's tenure as CEO has met with criticism as well, during her tenure, IBM revenue dropped from $104 billion in 2012 to $60 billion in 2020. By 2016, she had been named among the worst CEOs by publications including the Motley Fool, Forbes, the Wall Street Journal, and 24/7 Wallstreet. She was criticized by investors for 22 consecutive quarters of revenue decline between 2012 and the summer of 2017, and by IBM employees for accepting pay bonuses during times of layoffs and offshoring.
In May 2019, Rometty received the Edison Achievement Award for her commitment to innovation throughout her career.
Personal life
Virginia Nicosia married Mark Anthony Rometty, a private-equity investor, in 1979. With no children, they divide their time between New York and Bonita Springs, Florida. She goes to Broadway shows and participates in scuba diving as a hobby. In 2014, she became the third female member of the Augusta National Golf Club, following the lead of Condoleezza Rice.
References
- ^ "IBM Names Rometty to Succeed Palmisano as First Female CEO". Bloomberg BusinessWeek. October 25, 2011. Archived from the original on January 2, 2013. Retrieved October 25, 2011.
- ^ "IBM's Ginni Rometty Completes Her Ascent by Adding Chairman Role". Bloomberg.com. Bloomberg L.P. September 26, 2012. Retrieved September 26, 2012.
- ^ Aluise, Susan J. (May 10, 2012). "America's 10 Most Powerful Female CEOs". InvestorPlace. Retrieved July 10, 2014.
- ^ "Ginni Rometty: Reinventing Big Blue", Barron's, Leslie P. Norton, May 31, 2014
- ^ "Virginia M. Rometty Profile", Bloomberg
- ^ "IBM's Rometty Kept on Rising", Spencer E. Ante And Joann S. Lublin, Wall Street Journal, October 27, 2011
- ^ Hempel, Jessi (October 8, 2012). "IBM's Ginni Rometty looks ahead". Fortune.
- ^ Bellstrom, Kristen (September 15, 2015). "Fortune's Most Powerful Women List". Fortune.
- ^ "IBM grants CEO Ginni Rometty a record bonus after share surge", Financial Review, February 7, 2017
- ^ 50 Most Influential list of Bloomberg Markets magazine in September 2012
- "Ginni Rometty". Forbes.
- ^ "The 20 Most Influential People in Tech Right Now", Time, May 8, 2017
- ^ "Ginni Rometty". Fortune. September 20, 2012. Retrieved September 20, 2012.
- ^ "Ginni Rometty". Fortune. 2014. Archived from the original on October 11, 2015. Retrieved March 19, 2015.
- ^ Danielle Wiener-Bronner (January 18, 2018). "IBM 's sales grew for the first time in 5 years". CNN.
- ^ "CEOs Who Have to Go in 2016". 247wallst.com. Retrieved May 2, 2017.
- ^ "Fortune Magazine". Gets a Raise Despite Tumbling Stock Price.
- ^ Waters, Richard (October 28, 2011). "More than a big smile on Big Blue's face". Financial Times. Retrieved July 16, 2014.
- ^ "NU appoints 5 new members to Board of Trustees". Northwestern University. June 25, 2010. Archived from the original on June 29, 2010. Retrieved October 26, 2011.
- ^ "Lunch with the FT: Ginni Rometty", Gillian Tett, Financial Times, February 6, 2015
- ^ "IBM Names Virginia Rometty as First Female CEO". Wired. October 25, 2011. Retrieved October 26, 2011.
- "Rensselaer Polytechnic Institute Graduates 1,613 in 208th Commencement Ceremony". Retrieved April 4, 2015.
- ^ "IBM executive, Northwestern alumna Virginia Rometty to speak at 2015 commencement". March 5, 2015. Retrieved April 4, 2015.
- "NC State Commencement". news.ncsu.edu. April 15, 2019. Retrieved January 31, 2020.
- ^ "I.B.M. Names Virginia Rometty as New Chief Executive". The New York Times. October 25, 2011. Retrieved October 26, 2011.
- ^ "Council Members - Ginni Rometty", Latin America Conservation Council, 2018
- "IBM CEO Sam Palmisano to step down". CNN. October 25, 2011. Retrieved October 25, 2011.
- "IBM, Ginni Rometty sign yet another Silicon Valley partner", Business Journals, Caroline McMillan Portillo, June 24, 2015
- ^ "Come into the office or quit, IBM says", Anthony Noto, Austin Business Journal, May 19, 2017
- "IBM CEO Rometty Proposes 'Watson's Law': AI In Everything", Adrian Bridgewater, Forbes, March 20, 2018
- ^ "KPMG Honors Stem Pioneer Ginni Rometty for Inspiring Next Generation of Women Leaders", Cision, June 28, 2017
- Lohr, Steve (January 18, 2018). "IBM Ends 22-Quarter Streak of Falling Revenue". The New York Times.
- "IBM Breaks Records to Top U.S. Patent List for 25th Consecutive Year", IBM, January 9, 2018
- "IBM revenue worldwide from 1999 to 2023", Statista, Sept 9, 2024
- "Arvind Krishna Elected IBM Chairman" (Press release). IBM.
- Fitch, Asa. "IBM's Ginni Rometty Steps Down as CEO". Wall Street Journal.
- McGregor, Jena (January 30, 2020). "IBM's Ginni Rometty is stepping down as CEO". Washington Post. Retrieved February 28, 2020.
- Lohr, Steve (January 30, 2020). "Ginni Rometty to Step Down as C.E.O. of IBM". The New York Times. ISSN 0362-4331. Retrieved February 28, 2020. - IBM's Rometty Breaks Ground as Company's First Female Leader. Bloomberg BusinessWeek, October 26, 2011.
- "2010 Annual Report" (PDF). Memorial Sloan-Kettering Cancer Center. Retrieved October 26, 2011.
- "LACC Members". Latin America Conservation Council website. The Nature Conservancy. Archived from the original on March 18, 2014. Retrieved April 25, 2014.
- "Private: IBM's CEO Reveals Why Trump's Business Advisory Panel Was Killed" Archived July 25, 2018, at the Wayback Machine, Fortune, August 16, 2017
- Christie, Sophie (November 14, 2017). "World Economic Forum asks seven women to co-chair Davos – and zero men". The Daily Telegraph.
- "JPMorgan Chase Board of Directors Welcomes Virginia Rometty" (Press release). JPMorgan Chase. May 19, 2020. Retrieved December 29, 2020.
- "Our Team". Singapore Economic Development Board. Retrieved December 29, 2020. - Dabaie, Michael (May 19, 2020). "JPMorgan Says IBM Executive Chairman Rometty Elected to Board". MarketScreener. Retrieved December 29, 2020.
- Mayer, Marissa (April 18, 2012). "The 100 Most Influential People in the World". Time. Archived from the original on April 19, 2012. Retrieved April 18, 2012.
- "The Boomer List". PBS. pp. Rometty starting at 1 hr 6 min. Retrieved October 9, 2014.
- "Ginni Rometty - Most Powerful Women" Archived July 25, 2018, at the Wayback Machine, Fortune, 2017
- Forbes magazine's "World's 100 Most Powerful People" in 2014."The world's 100 most powerful". Forbes.
- "World's Most Powerful Women". Forbes. Retrieved July 24, 2017.
- "World's Most Powerful Women". Forbes. Retrieved March 29, 2018.
- Mattera, Sam (May 2, 2017). "The Worst Tech CEOs of 2014 -- The Motley Fool". The Motley Fool. Retrieved May 2, 2017.
- Hartung, Adam. "Why You Do Not Want To Own IBM: Growth Stalls Are Deadly". Forbes. Retrieved May 2, 2017.
- Lublin, Joann S. (June 25, 2015). "How Much the Best-Performing and Worst-Performing CEOs Got Paid". Wall Street Journal. ISSN 0099-9660. Retrieved May 2, 2017.
- "Mark Cuban Slams IBM: It's 'No Longer A Tech Company. They Have No Vision.'". Business Insider. Retrieved April 21, 2017.
- "IBM: Employees React to Rometty, Exec Bonuses as Layoffs Reach 5K". The Var Guy. Archived from the original on October 23, 2017. Retrieved May 2, 2017.
- "Trustee and alumna Ginni Rometty honored with Edison Achievement Award". Northwestern University. Retrieved July 25, 2019.
- ^ Stewart, James B. (November 5, 2011). "A C.E.O.'s Support System, a k a Husband". The New York Times. Retrieved May 3, 2013.
- "Virginia Rometty becomes 3rd female member of Augusta National". ESPN. November 13, 2014. Retrieved November 17, 2014.
External links
Media related to Ginni Rometty at Wikimedia Commons
| Business positions | ||
|---|---|---|
| Preceded bySamuel J. Palmisano | CEO of IBM 2012–2020 |
Succeeded byArvind Krishna |
| Preceded bySamuel J. Palmisano | President of IBM 2012–2020 |
Succeeded byJim Whitehurst |
| Preceded bySamuel J. Palmisano | Executive Chairman of IBM 2012–2020 |
Succeeded byArvind Krishna |
- 20th-century American businesspeople
- 21st-century American businesspeople
- 21st-century American women engineers
- Peterson Institute for International Economics
- 1957 births
- American chairpersons of corporations
- American chief executives of Fortune 500 companies
- American computer businesspeople
- American electrical engineers
- American technology chief executives
- American women chief executives
- American women engineers
- IBM employees
- IBM people
- Living people
- Robert R. McCormick School of Engineering and Applied Science alumni
- Technology corporate directors
- American women corporate directors
- 20th-century American businesswomen
- 21st-century American businesswomen
- IBM Women