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Meet Kyndryl’s New Board of Directors

Kyndryl CEO Martin Schroeter will chair the board, according to a statement Tuesday. Former RSA Insurance Group and Royal Bank of Scotland CEO Stephen Hester will serve as lead independent director.

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Kyndryl, the upcoming public spin-off of IBM’s managed infrastructure services business, has named its board of directors, two of whom are on the boards of Cisco and Juniper Networks and one of whom is a National Medal of Science recipient.

IBM’s board of directors have approved the Kyndryl board appointments, according to a company statement Tuesday. Kyndryl is still expected to separate from IBM by the end of the year.

A regulatory filing this week shows that the IBM business now known as Kyndryl generated $19.35 billion in pro forma revenue in 2020. That was down from $20.28 billion in revenue for 2019, and from $21.8 billion in 2018.

The business’ pro forma $2.01 billion net loss in 2020 represented an increase from 2019, when the reported net loss was $943 million, according to the Kyndryl filing.

Kyndryl CEO Martin Schroeter, who will chair the board, wrote in a letter to future Kyndryl stockholders that being an independent company will make Kyndryl “flatter, faster, more focused and organized around high-priority customer needs and opportunities.”

[RELATED: Kyndryl Taps Former IBM Executive Harsh Chugh For COO Role ]

“We are starting ‘life’ as a clear leader in our business, with a world-class board of directors, an experienced management team, a strong balance sheet, a revenue base of $19 billion and a commitment to achieving sustainable margins, consistent cash flows and meaningful returns for stockholders,” he said in the letter. “Importantly, we are committed to deploying our capital in a disciplined way to create sustainable long-term value.”

The spin-off of IBM’s $19 billion managed infrastructure services business will have six global managed services practices. The practices are cloud; digital workplace; security and resiliency; network and edge; core enterprise and zCloud; and applications, data and AI. Kyndryl will also offer an advisory and implementation services practice to advise customers on digital environments and advanced technology adoption and integration.

Here’s what you need to know.

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