Jim Whitehurst has announced he is stepping down as the president of IBM. Whitehurst's resignation is being seen as one of the several management moves the IBM announced on Friday, according to news agency Bloomberg. The 53-year-old’s exit led to shares of the technological giant falling 4.8 per cent to $139.83, the most in five months, Bloomberg reported. No replacement for Whitehurst has been announced yet, the IBM said, adding he will continue to work as a senior adviser for the corporation. Whitehurst was appointed as IBM’s president last year. This was the first time in decades that the corporation split up the designation of a chief executive officer (CEO) and president.