RESEARCH TRIANGLE PARK – Martin Schroeter, a former chief financial officer and senior sales executive at IBM, will be the chief executive officer of “NewCo,” the looming spinoff from Big Blue that will focus on business infrastructure services.

IBM (NYSE: IBM) made the announcement early Thursday.

The new company, which is scheduled to be spun off later this year, is currently known as NewCo and IBM’s Managed Infrastructure Services business. It will focus on management and modernization of information technology “infrastructure in every industry around the world,” IBM said.

IBM says it will concentrate on cloud, artificial intelligence and other services.

Plans for the spinoff were announced last fall. It is likely to have a major impact on the Research Triangle region where IBM bases a significant number of IT services related personnel.

“Martin is a world-class leader and is uniquely qualified to drive the long-term success of the new, independent company,” said Arvind Krishna, Chairman and CEO of IBM, in a statement. “He has a deep understanding of the industry and has earned the trust of our clients and of the investor community.  Martin has the strategic vision and business judgement to realize NewCo’s enormous potential as the global leader in managed infrastructure services. He is an inspiring, results-driven executive and the right CEO to lead NewCo through the spin-off process and beyond.”

Schroeter left IBM last June after serving as Senior Vice President, Global Markets, a role he held from December 2017. Previously he was CFO from 2014-2017, IBM said.