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IBM's Palmisano addresses the masses
Say it again Sam...

By Suzanna Kerridge

Published: Wednesday 01 May 2002

IBM's new CEO Sam Palmisano made his public debut yesterday at the company's shareholder meeting.

Palmisano gave the audience an overview of future products and strategy. He spoke in detail about Regatta, IBM's supercomputing chip technology.

In an attempt to rally confidence, Palmisano told shareholders he is optimistic about business for the year.

"While we cannot predict what will happen," he said, "business conditions will improve later this year".

Further good news came in the form of a raised quarterly dividend of one cent, to 15 cents per share. IBM claimed it had raised dividends seven times since 1996 accounting for a total increase of 140 per cent.

Outgoing boss Lou Gerstner chaired the meeting, leaving Palmisano to sit among the other executives instead of leading from the podium. Analysts claim it left many shareholders wondering if there would actually be any future changes to IBM's fortunes until Gerstner stepped aside.