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International Business Machines Corp (IBM) Presents at Morgan Stanley Technology, Media and Telecom Broker Conference Call - (Transcript)

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International Business Machines Corp (NYSE:IBM) Morgan Stanley Technology, Media and Telecom Conference March 1, 2021 11:00 AM ET

Company Participants

James Whitehurst - President

Conference Call Participants

Katy Huberty - Morgan Stanley

Katy Huberty

Welcome, everyone. I'm Katy Huberty, IT hardware analyst at Morgan Stanley. And I'm really pleased to welcome Jim Whitehurst, President of IBM, previously CEO of Red Hat.

I'm particularly looking forward to this discussion because Jim represents an important growth engine at IBM, but also provides an inside view of IBM's transformation, but with a bit of an outsider's perspective, having joined the company with the Red Hat acquisition in the summer of 2019. As President, Jim heads IBM's Cloud & Cognitive Software business and is in charge of corporate strategy.

Before we begin the discussion, I just want to point you to important disclosures, which can be found at Morgan Stanley research disclosures website at www.morganstanley.com/researchdisclosures. If you have any questions, please don't hesitate to reach out to Morgan Stanley's sales representatives.

Jim, thank you so much for spending the time today. Really looking forward to the discussion, as I said.

James Whitehurst

Yes. Thanks, Katy. It's great to be here.

Question-and-Answer Session

Q - Katy Huberty

So as CEO of Red Hat, you were successful scaling that business and then ultimately, selling to IBM at a significant premium. And I think it's fair to assume that you've had many opportunities to go and repeat that success leading other companies. But you've committed to helping IBM execute the hybrid cloud strategy. So I want to just hear your perspective on why you think this is the most attractive opportunity for you.

James Whitehurst

Well, look, yes, it's kind of a continuation of what we were looking to do at Red Hat, which is once every 20 or 25 years, there's

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