In 1993 Lou Gerster became the CEO of fiscally embattled IBM, thought to be one of the toughest positions in corporate America. Gerster froze some long-term projects and continued the cost-cutting measures and arranged an $8.9 billion write-off against company earnings. IBM experienced a dramatic turnaround during the mid- to late 1990s, and Gerster stepped down as CEO in 2002.
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