Last I checked, IBM has mandatory retirement at age 60 for corporate officers, and that would put both Palmisano and Steve Mills close to retirement.
In the executive changes, Senior Vice President Michael E. Daniels, who formerly ran half of IBM Global Services, has been promoted to run the entire group. Mr. Loughridge will keep his CFO job and add IBM's Global Financing business and "Enterprise Transformation" responsibilities, which include running IBM's internal technology systems.
Steven A. Mills, who has run IBM's software business for many years, is now also responsible for IBM's Systems and Technology Group, which includes its computer server and chips business. And Virginia M. Rometty, a senior vice president who runs Global Sales and Distribution, is now also in charge of Marketing and Strategy.