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IBM's Gerstner re-ups
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November 21, 1997: 9:12 a.m. ET
Big Blue's turnaround chief signs on for five more years, and is well paid for it
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NEW YORK (CNNfn) - Louis Gerstner Jr. will remain chairman and chief executive officer of IBM Corp. for another five years, the company said Friday.
Gerstner will be well compensated for signing up for another hitch. The company's board of directors approved a deal that will give him options for two million shares of IBM stock.
If he decided to cash in all of his options, he would receive more than $95 million based on the current IBM stock price.
The 55-year-old Gerstner joined Big Blue in 1993 and has led a turnaround for the computer company, not only gaining back market share but expanding it as well, especially into overseas markets, from which it gets more than half of its sales.
During his tenure, IBM has positioned itself as a leading provider of Internet services and also acquired Lotus Development Corp., including its popular Lotus Notes software.
While some speculated that Gerstner would jump ship, he told CNNfn recently that he viewed his job as still unfinished and hoped to surpass the dominance of other computer firms, such as Compaq Computer Corp. and Dell Computer Corp.
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