https://www.cnbc.com/2018/12/11/investors-should-be-furious-3-stock-buybacks-that-went-horribly-wrong.html
If IBM senior management's lack of vision is not enough, according to CNBC, their bad timing puts them in the bottom 4.
We have watched the stock buybacks increase since the Palmisano era. It peaked in 2014 at nearly $14 billion per year. We thought it would stop when the Roadmap 2015 initiative was mercifully abandoned in 2014. Not so. IBM has spent approximately $14 billion more on stock buybacks since then.
IBM needs to change - and fast.