The former general manager for IP within IBM's research wing is relishing the challenge of driving improvements at one of the world's largest tech companies.
"I am really excited about the opportunity," he told TheStreet in a phone interview. "The role of CIO is all about business."
Cost control, in particular, has been a key issue for IBM during the recession, enabling the server and software giant to grow its profit and margins despite diminishing sales. Toole says that he will continue these efforts."There are a number of shared services that are key areas within IBM," he said. Specifically, Toole will be using technology to boost the company's efficiency in divisions such as IT, finance, human resources and real estate. "We have [already] reduced our spending in these shared services by $3 billion over the last three years," he added. Another key area for Toole will be cloud computing. IBM, like rivals Hewlett-Packard (HPQ) and Microsoft (MSFT), has already thrown its weight behind the technology, recently launching a slew of enterprise offerings. The firm is also said to be building some of the world's largest private clouds, capable of handling vast volumes of data within its own walls. The endgame for IBM, however, revolves around its ongoing shift from hardware to higher-margin areas such as software and services. Up to now, this strategy appears to be working.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV