Five more years. That's what IBM wanted, and that's what it got.
Louis V. Gerstner, who joined an IBM in dire straits four years ago, straightened out computing's long-time dominant firm. He's now agreed to spend five more years at the helm of the company.
IBM's board of directors said in a two-paragraph statement that Gerstner will receive options on 2 million shares of the company's stock, worth an estimated $95 million if he cashed it in today.
Gerstner became IBM's chairman and CEO in 1993.