Gary Cohn joins IBM as vice chairman

Gary Cohn, the previous Goldman Sachs president and financial advisor to President Donald Trump, is becoming a member of IBM as its vice chairman.

Cohn introduced the transfer in a tweet Tuesday morning by which he mentioned he was “honored” to be becoming a member of the corporate’s board.

IBM shares traded up about 1.2% following the information.

CNBC’s Jim Cramer mentioned the announcement is “an exciting move for IBM. Gary can be a change agent.”

In the brand new position, Cohn will act as an advisor to IBM CEO Arvind Krishna, who took over the corporate in April with a pledge to develop its attain into the unreal intelligence and cloud computing house.

That would possibly make Cohn an uncommon selection in that his expertise is primarily in finance and economics. He served almost 11 years at Goldman as chairman and chief working officer earlier than accepting Trump’s nomination as director of the National Economic Council.

While within the White House, he helped shepherd via the report tax minimize package deal in 2017 however later turned at odds with the president. He left the advisory place in April 2018 and was changed by former CNBC host Larry Kudlow.

After heading again into the personal sector, Cohn quickly entered the enterprise capital house, partnering with Cliff Robbins to type Cohn Robbins Holding Corp. Despite accepting the place at IBM, Cohn mentioned he’ll proceed his involvement with Robbins.

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