Tag Archives: Spinoff

Martin Schroeter, former senior vice president for global markets at IBM (NYSE: IBM), has been named CEO of NewCo, an independent company that will be formed once IBM spins off its managed infrastructure services business by the end of 2021. Effective Jan. 15, Schroeter will oversee the new company that will focus on information technology infrastructure modernization and management.

Arvind Krishna, CEO and a board member of IBM (NYSE: IBM), has been elected to serve as chairman of the board of the technology company, effective Jan. 1. He will succeed Virginia “Ginni” Rometty, who will retire by the end of December after a nearly 40-year career with IBM.

IBM (NYSE: IBM) will spin off its managed infrastructure services unit into a public company in a move to focus on its growth strategy for hybrid cloud and advance artificial intelligence capabilities. "Client buying needs for application and infrastructure services are diverging, while adoption of our hybrid cloud platform is accelerating. Now is the right time to create two market-leading companies focused on what they do best,” said IBM CEO Arvind Krishna.

Dell Technologies (NYSE: DELL) has announced that it is considering spinning off about 81 percent of its equity ownership interest in VMware (NYSE: VMW) in an effort to create value and simplify capital structures.

United Technologies Corp. (NYSE: UTX) and Raytheon (NYSE: RTN) have set the closure date of their all-stock merger for Friday, April 3, after securing all the regulatory clearances needed to close the transaction. According to a joint statement, the combined company will operate as Raytheon Technologies and trade under the “RTX” ticker symbol on the New York Stock Exchange.

The European Commission approved United Technologies Corp.’s (NYSE: UTX) planned $121B merger with Raytheon (NYSE: RTN), Reuters reported Friday.

The board of directors of United Technologies Corp. (NYSE: UTX) approved the spinoffs of its Carrier and Otis subsidiaries into two independent companies and expects to complete the separations on April 3. "Executing the separations of Carrier and Otis is also a major milestone to completing the merger of UTC's aerospace businesses with Raytheon to create Raytheon Technologies,” Greg Hayes, chairman and CEO of UTC, said in a statement published Wedneday.

Greg Hayes, chairman and CEO of United Technologies Corp. (NYSE: UTX), said UTC hopes to close its potential $120B merger with Raytheon (NYSE: RTN) by early April and has begun planning for the integration of the two companies, the Hartford Business Journal reported Tuesday.

David Batters, formerly group chief financial officer at the U.K. Nuclear Decommissioning Authority, will serve as AECOM’s (NYSE: ACM) senior vice president and international sector lead for nuclear and environment strategic business unit within the company’s management services group, starting Sept. 1.

The board of directors at AECOM has approved the company’s plan to separate its management services business as a new publicly traded company that will primarily serve national government clients. AECOM said Monday it expects to complete the spinoff in the second half of its 2020 fiscal year and retain John Vollmer, the segment’s president and a 2019 Wash100 winner,  along with the current management team in the leadership of the future independent company.