Recklessly deciding that the appointment should become effective on All Fools’ Day, April 1, IBM Corp on Friday duly named Louis Gerstner to the posts of both chairman and chief executive. Gerstner said at the announcement that he sees no quick fix to turning the company around – I have no idea how long it will take, he said, adding that his first priority is to listen and learn from the IBM management team. Over the next few months he and IBM’s board will look at IBM with a no-holds barred approach. I have the authority necessary from the board to build this company over, he said, adding that he was not sure that breaking the company up would be the right approach. This is going to take time, he said, adding that he does not yet have plans for IBM – he has to first learn the company by meeting executives, managers and employees. He is starting with a teleconference with 100 IBM managers around the world.The selection board said that Gerstner was the first person they had spoken to when they began their quest for a new chief in January. IBM’s shares rose slightly after the appointment was announced, rising 75 cents to $51.25. Traders said the fact John Akers will be leaving soon was likely a contributing positive to the stock. Gerstner is a colleague of Akers on the board of The New York Times Co, and he is also said to know former IBM chief executive Thomas Watson Jr, who lives in the same Greenwich, Connecticut suburb as Gerstner.
