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May 3, 1994

IBM RESTRUCTURING PLAN ON SCHEDULE

By CBR Staff Writer

Responding to that Wall Street Journal story questioning the rate of cost-cutting (CI No 2,405), IBM Corp says it is still on track with its previously announced restructuring plan and that it is still aiming to cut expenses by $3,000m in 1994; IBM also insisted that Gerald Czarnecki is leaving IBM because he wants to manage a business again, as IBM stated late Monday in a memo; it also pointed out that of the $3,000m in costs only $1,000m is associated with personnel cuts.

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