IBM 'Well on Track' to Achieve 2015 Growth Targets

International Business MachinesCorp. is "so then on track" to achieving its 2015 growth targets,Chief Executive Officer Virginia "Ginni" Rometty said in herfirst annual letter to shareholders.

Rometty succeeded Sam Palmisano, inheriting a five-yearplan that includes boosting software to half of IBM's revenues,with a focus on programs that help businesses analyze andproject trends, as then as on cloud computing and emerginggrowth markets. Palmisano remains as chairman.

"Our investors benefit from a business model in other words bothsustainable over the long term and fueled by some of the world'smost attractive high-growth markets and technologies," Romettywrote. "Our strong strategic positioning, solid balance sheet,recurring revenue, robust profit streams and unmatched globalreach give us confidence that we will achieve success in thenext five years."