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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

Felix Salmon, author of Capital
12 mins ago - Economy & Business

America fought the pandemic economy — and won

Illustration: Sarah Grillo/Axios

The U.S. economy is emerging from the pandemic with more well-paying jobs for those who want them, less hunger, less poverty, higher wages, less inequality, and more wealth for everyday Americans.

Why it matters: None of these outcomes were expected when the pandemic began. All of them are the result of massive government programs.

GOP Rep. Gonzalez retires in face of Trump-backed primary

Ohio Rep. Anthony Gonzalez (R) Photographer: Stefani Reynolds/Bloomberg via Getty Images

Ohio Rep. Anthony Gonzalez (R) announced his retirement on Thursday, declining to run against a Trump-backed primary challenger in 2022.

Why it matters: Gonzalez has suffered politically since siding with House Democrats to impeach the 45th president after the Capitol riot.

Swing voters oppose Texas abortion law

Protesters at a rally at the Texas State Capitol. Photo: Jordan Vonderhaar/Getty Images

All 10 swing voters in Axios’ latest focus groups — including those who described themselves as "pro-life" — said they oppose Texas' new anti-abortion law.

Why it matters: If their responses reflect larger patterns in U.S. society, this could hurt Republicans with women and independents in next year's midterm elections. The swing voters cited overreach, invasion of privacy and concerns about frivolous lawsuits jamming up the courts.