https://www.linkedin.com/pulse/evaluating-virginia-romettys-profit-productivity-article-greulich/
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Summary:
Ginni and her board do have a conundrum to explain. IBM remains profitable, but it is not optimizing profits in its historic fashion: by improving the productivity of its employees, the effectiveness of its processes, and the value of its products. The harder that these executives run after higher profits with all their divestiture and acquisition activity the more the company finds itself on a profit treadmill – it can run as hard as it wants, but it is going nowhere.