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Photo: Mike Cohen/Getty Images for the New York Times

IBM announced that Arvind Krishna, who heads the company's cloud unit, will replace Ginni Rometty as CEO in April.

Why it matters: The move comes as a surprise, with Rometty having just recently held court in Davos, unveiling a new call for targeted AI regulation.

  • The company also named Jim Whitehurst, CEO of recently acquired Red Hat, to be IBM's president, effective in April.
  • Rometty, who has spent 40 years at IBM and eight years as CEO, will serve as executive chairman until year's end and then retire.

Between the lines: Krishna, a 30-year IBM veteran, was a key driver of the Red Hat acquisition and has been leading the company's effort to grow its position in cloud computing, where Microsoft, Amazon and Google have been the leaders.

  • During Rometty's tenure, IBM forged close ties with the Trump administration, acquired 65 companies (most notably the $34 billion purchase of Red Hat), and pushed the company into quantum computing, blockchain and other areas. Krishna helped lead a number of those initiatives.

Investors reacted positively to the moves, sending shares up more than 4% in after-hours trading.

Editor's note: The headline was changed to spell Ginni's first name correctly.

Go deeper

15 mins ago - Health

First blood test to help diagnose Alzheimer's goes public

Photo: Jerry Naunheim Jr./C2N Diagnostics via AP

A non-COVID medical breakthrough: People over 60 now have access to a blood test for Alzheimer's disease.

Why it matters: The existing PET brain scan test costs some people about $5,000 and often isn't covered by insurance, AP reports.

Updated 28 mins ago - Politics & Policy

Wisconsin, Arizona certify Biden's victories

Photo: Demetrius Freeman/The Washington Post via Getty Images

Arizona and Wisconsin officials confirmed the presidential election results in their states, formalizing President-elect Joe Biden's victories in the key battlegrounds.

Why it matters: The moves deal yet another blow to President Trump's efforts to block or delay certification in key swing states that he lost. 

4 hours ago - Podcasts

Former Georgia Gov. Roy Barnes on the Senate runoffs

The future of U.S. politics, and all that flows from it, is in the hands of Georgia voters when they vote in two Senate runoffs on January 5.

Axios Re:Cap digs into the election dynamics with former Georgia Gov. Roy Barnes, a Democrat who served between 1999 and 2003.