SAN FRANCISCO-- The new CEO of International Business Machines Corp. (IBM) has had her salary doubled from $800,000 to $1.5 million according to a regulatory filing.
Virginia Rometty was promoted to the role of IBM CEO at the beginning of the year, from her previous position as senior vice president and group executive for sales, marketing, and strategy. She is the first woman to lead IBM in its 100 year history, and was recently voted seventh in Fortune Magazine’s "50 Most Powerful Women in Business", having made the list seven consecutive times.
An electrical engineer by education, Rometty graduated from the Robert R. McCormick School of Engineering and Applied Science at Northwestern University in 1979 with high honors, receiving a bachelor's degree in computer science and electrical engineering. She went on to work for General Motors, before joining IBM as a systems engineer in 1981.
In addition to her $1.5 million salary, Rometty, 54, will get a cash-incentive target of $3.5 million for 2012, compared with her $1.47 million target bonus in 2011, according to an SEC filing.
To achieve her bonus, Rometty must successfully carry through with IBM’s five-year plan to push software sales to make up half of the company’s earnings. The firm also has plans to zero in on business analysis tools, cloud computing and emerging markets.
Previous CEO and current IBM president Samuel Palmisano received a $6.5 million bonus in 2011.