IBM will list its IT infrastructure services unit, which provides technical support for 4,600 clients in 115 countries and has a backlog of $60 billion, as a separate company with a new name by the end of 2021. The new company will have 90,000 employees and its leadership structure will be decided in a few months, chief financial officer James Kavanaugh said. IBM, which currently has more than 352,000 workers, said it expects to record nearly $5 billion in expenses related to the separation and operational changes. IBM said it aims to complete the transaction as a tax-free spinoff to IBM shareholders by the end of 2021. “In breaking into two this will make it easier for each business to thrive based on its own characteristics.

Source: Mint October 09, 2020 01:30 UTC