Deals and People November 21, 2002

Gerstner Joins Carlyle Group

November 21, 2002 (PLANSPONSOR.com) - Louis Gerstner, who played a major role as chief executive officer in turning around IBM, has a new job.
Reported by

The 60-year-old Gerstner is set to become chairman of global private equity firm The Carlyle Group as of January 7, 2003, The Carlyle Group announced.

According to the company, Gerstner will commit about 20% of his time to:

  • provide guidance on Carlyle’s global business ventures
  • give management input to Carlyle portfolio companies
  • serving on committees to review the company’s global investments.

Gerstner is scheduled to retire from IBM by year end 2002 after serving in the giant computer maker’s top spot since 1993.

Since Gerstner joined IBM through year-end 2001, the company’s share price increased more than 800%, and its market value grew by $180 billion.

Prior to joining IBM, Gerstner served for four years as chairman and chief executive officer of RJR Nabisco, Inc. Before that, he had an 11-year career at American Express Company.

A native of Mineola, New York, Gerstner earned his bachelor’s degree in engineering from Dartmouth College in 1963 and an MBA from Harvard Business School in 1965.

The Carlyle Group is a global private equity firm with more than $13.9 billion under management.

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