THE AKERS ERA AT IBM
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1983
February: John F. Akers named IBM’s president. Akers becomes chief executive in February, 1985, and chairman in June, 1986.
1986
January: IBM reports that its 1985 net income fell to $6.55 billion from $6.58 billion in 1984.
May: The company’s directors authorize repurchase of 10 million common shares, the first in a series of major stock buybacks.
September: Early retirement incentives are announced that lead to the departure of more than 13,000 employees in the United States and 2,000 overseas.
1987
January: Company reports that net income fell again, to $4.789 billion, during 1986.
April: Personal System/2 line of personal computers is unveiled.
June: IBM sells 8.9 million shares of Intel back to the semiconductor company, the first in a series of transactions that will eliminate IBM’s 22.6-million share stake in Intel.
1988
Jan. 19: Net income for 1987 increases to $5.25 billion, but analysts are disappointed, noting that the gain came from non-recurring items.
Jan. 28: A major restructuring is announced that shifts day-to-day operating decisions from corporate headquarters to five new business units. IBM also names Kaspar V. Cassani, 59, and Jack D. Kuehler, 55, as vice chairmen and broadens their responsibilities.
