OTHER NEWS - March 11, 1994

IBM’s Akers Got $4 Million; Layoffs Announced: John Akers, the former IBM chairman and chief executive who resigned under pressure last year, received more than $4 million from the company, according to a new shareholder proxy statement. The money came in the form of salary, bonus, pension, stock options and a “retirement incentive” valued at $3.43 million. Akers was replaced by Louis V. Gerstner Jr. In a separate report, IBM said it has laid off workers from its large-scale computing division in New York. The company said last month that it would cut 1,200 jobs from that division as part of a plan to eliminate more than 30,000 positions this year. IBM said that about 800 employees in the New York division locations had received notices.