Insider trading charges at IBM

ARMONK, N.Y. (AP) - October 19, 2009

The Armonk, N.Y.-based company says Robert Moffat, a senior vice president and cost-cutting maven who was considered a top candidate to succeed CEO Sam Palmisano, no longer serves as an officer of the company.

Rodney Adkins, currently senior vice president in charge of development and manufacturing, was tapped to assume Moffat's position on an acting basis. That gives him oversight over IBM's mainframes and computer servers.

Adkins is IBM's highest-ranking black executive.

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