IBM lost almost one-quarter of its value in Ginni Rometty's seven years as the company's CEO, while every other large-cap tech stock rallied, led by Netflix.
An IBM spokesperson declined to comment on the company's stock price but pointed to the company's "long term investments in technologies like quantum computing and blockchain as well as significant current investments in cloud and AI."
Krishna, 57, takes over for Rometty after three decades at IBM, most recently as senior vice president in charge of some of the company's most important businesses. Additionally, Jim Whitehurst, Red Hat's CEO, will become president as of April 6. Red Hat was IBM's biggest-ever acquisition, and it put a big open-source enterprise software business into IBM's hybrid cloud unit.
Rometty told CNBC at the time of the Red Hat purchase that the deal should not be interpreted as part of a plan for her to transition out the CEO role.— CNBC's Jordan Novet contributed to this report
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