Senior IBM official arrested in alleged insider trading case is out
Robert Moffat (IBM photo)
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Local Tech Wire
RESEARCH TRIANGLE PARK, N.C. – With a succinct message on an internal Web site Friday morning, IBM (NYSE: IBM) informed its employees that senior executive Robert Moffat is no longer an employee with the firm and that he has been replaced by Rodney Adkins.
Moffat, who oversaw the sale of IBM’s PC division in RTP to Lenovo in 2005, was arrested two weeks ago as part of a federal investigation into insider trading.
Moffat is also no longer a member of the advisory board for Lenovo, a spokesperson for the world's No. 4 PC maker told Local Tech Wire and WRAL.com. He declined further comment.
When Lenovo acquired IBM's PC business, Moffat was one of two IBM executives named as an advisor.
“Bob Moffat, who had been placed on a leave of absence as a result of a U.S. federal investigation into his personal activities, is no longer an employee of I.B.M.,” the memo said, according to the New York Times.
Adkins, a Georgia Tech graduate, had replaced Moffat on an interim basis when the potential successor to IBM Chairman and Chief Executive Officer Sam Palmisano was on leave.
Moffat, who had been IBM’s senior vice president for the IBM Systems and Technology Group, went on leave Oct. 19.
IBM employs some 10,000 people in the Triangle.
On IBM’s Web site, Adkins is now listed as “Senior Vice President, Development and Manufacturing, IBM Systems and Technology Group.”
“Rod Adkins leads all of IBM’s global server and storage systems hardware and software development,” the site says. “He also leads the microelectronics business which includes semiconductor process technology development and semiconductor manufacturing operations for microprocessors and application specific integrated circuits used by IBM and its OEM clients.”
According to the Times, IBM conducted an internal investigation of the charges against Moffat. He is alleged to have shared confidential information about IBM as well as Sun Microsystems and AMD with one of the other six people arrested in the case.
IBM declined comment about Moffat, 53, and his departure although spokesperson Doug Shelton told the Poughkeepsie Journal: "We announced on our internal Web site that Rod Adkins, who was named acting head of IBM Systems and Technology Group on Oct. 19, has been appointed senior vice president of STG.
“Bob Moffat, who had been placed on a leave of absence as a result of U.S. federal investigation into his personal activities, is no longer an employee of IBM."
Moffat has not been charged with profiting from the information that is alleged to have been passed to Danielle Chiesi of New Castle Funds, Moffat’s lawyer has pointed out.
Copyright 2010 Local Tech Wire. All rights reserved.
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