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April 27, 2005
Crime and punishment at IBM
Posted by Dominic Basulto
You failed to make your numbers this quarter? Fuh-get about a raise then. That's the story at IBM, where the company's top 50 managers will give up pay increases this year after the company had trouble making its sales numbers last quarter. Instead of blaming the overall economic environment or any other external factors, CEO Sam Palmisano was brutally frank:
"We found ourselves struggling in the first quarter. We attribute most of it to our own execution. It was us. It was our inability to close deals."
There could be a bit of bloodletting, too, if recent moves to boost the company's stock price fail to pay off. The New York Daily News reports that IBM is mulling over the prospect of cutting up to 10,000 jobs.
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