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IBM’s Red Hat names Paul Cormier CEO

Red Hat Inc., a unit of IBM , said Monday it has named Paul Cormier as president and chief executive. Cormier was Red Hat’s president of products and technologies and succeeds Jim Whitehurst, who is now president of IBM. Red Hat is a provider of open source software. IBM shares were up 2.9% premarket, but have fallen 21% in the year to date, while the Dow Jones Industrial Average has fallen 26% and the S&P 500 has fallen 23%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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