IBM said Thursday its CFO Martin Schroeter will begin a new role as senior vice president of global markets, and James Kavanaugh will replace him as CFO effective immediately, according to a filing with the SEC.
Kavanaugh most recently served as senior vice president, finance and operations at IBM since 2015, after a stint as IBM's controller that began in 2008. Schroeter served in the CFO role for four years, and before that, was general manager of IBM Global Financing.
IBM hasn't made a decision regarding the executives' compensation, the company said in the filing.
Both executives will be on IBM's call when it reports its fourth quarter earnings on Jan. 18. Investors are hoping IBM can shake its 22 consecutive quarters of year-over-year revenue declines.