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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

Officer Kim Potter to be charged with manslaughter in Daunte Wright's death

Photo: Bruce Bisping/Star Tribune via Getty Images

Kim Potter, the former police officer who fatally shot Daunte Wright outside Minneapolis on Sunday, will be charged with second-degree manslaughter, Washington County Attorney Pete Orput told the Star Tribune Wednesday.

Why it matters: The shooting of the 20-year-old Black man in Brooklyn Center, Minn., just ten miles from where George Floyd was killed by a Minneapolis police officer last year, has reinvigorated Black Lives Matter protests and led to three consecutive nights of unrest.

Tech dominates highest paying pandemic internships list

Illustration: Annelise Capossela/Axios

In the past year as the pandemic raged on, some of the world's most valuable companies continued to grow and compensate their workers well above national medians – interns included.

Driving the news: Workplace review platform Glassdoor published its 2021 report today on the 25 highest paying U.S. internships.

Biden on Afghanistan: "It is time to end America’s longest war"

Photo: Demetrius Freeman/The Washington Post via Getty Images

President Biden will say in a speech Wednesday that it's "time to end America’s longest war," as he sets out plans to withdraw all U.S. forces from Afghanistan by Sept. 11, according to prepared remarks.

Driving the news: "I am now the fourth American president to preside over an American troop presence in Afghanistan. Two Republicans. Two Democrats. I will not pass this responsibility to a fifth," Biden will say. "It is time for American troops to come home."