By Praveen Gopal Krishnan
Publication Date: 2026-02-07 04:30:00
John Akers was fired as IBM’s CEO on 26 January 1993.
I must state that the official record states that Akers resigned, but really, he was forced out by IBM’s board. It’s one of those breakups where both parties tell others that it was mutual, even though only one of them agreed to it.
But this story begins three years before Akers was pushed out as CEO.
In 1990, IBM was the most valuable technology company on earth. It had over $60 billion in revenues and nearly half a million employees. It was the third-largest company by market capitalisation in the S&P 500, only behind Exxon and General Electric. In the 1990s, it was a big deal to be bigger than everyone except energy companies (unlike today, when technology companies are also starting to effectively become energy companies)
That was IBM’s highest point. During the period of 1990 to 1993, IBM went through one of the most harrowing experiences a company can endure. It posted cumulative losses of nearly…
