IBM's Moffat put on leave after insider trading scandal

IBM has put Bob Moffat, senior vice president of its systems and technology group, on a "temporary leave of absence" following an insider trading sting that named him and other technology executives.

Big Blue told employees that Moffat is no longer serving as an officer of IBM. On Friday, Moffat was named in an insider trading sting that netted Raj Rajaratnam, managing member of Galleon Management, LLC and a portfolio manager for Galleon Technology Offshore, Ltd (see complaint).

Rod Adkins, senior vice president in charge of development and manufacturing, IBM Systems and Technology Group, is now acting head of the unit. Adkins will continue his current role also.

Adkins will report to IBM CEO Sam Palmisano.