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IBM succession chatter heats up near anniversary

(Agencies)
Updated: 2011-06-16 13:30

SAN FRANCISCO -?As IBM turns 100 this year, the anniversary coincides with another milestone: CEO Sam Palmisano is turning 60, Lou Gerstner, an outsider and non-techie who engineered the company's turnaround.

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IBM's planning for Palmisano's successor was derailed when Robert Moffat, a top candidate for the CEO job, was ensnared in what federal prosecutors have called the biggest case in history involving insider trading at a hedge fund. Moffat, who left IBM after his arrest, was sentenced in September to six months in prison for passing along confidential tips about IBM's business.

The case was a rare smudge on IBM's reputation and narrowed the field of Palmisano's possible successors. Analysts and former executives say that when Palmisano does step down, IBM is likely to replace him with an ircent since he made the announcement in September.