IBM appoints new finance chief

Mark Loughridge has been promoted to chief financial officer, replacing John Joyce, who served as CFO since 1999 and has been made head of IBM's services division.

Loughridge, the new CFO had served as senior vice president for global financing since April 2002. Previously he served as vice president and controller, where he was responsible for worldwide finance and planning, accounting operations, and external reporting.

He joined IBM in 1977 as an engineer.

In January, IBM was embroiled in an accounting scandal after it received a 'Wells Notice' - a note warning of possible civil action - from the SEC in relation to an investigation of a customer of IBM's Retail Stores Solutions unit.