At a 2020 meeting of the World Economic Forum in Davos, Salesforce founder Marc Benioff declared that "capitalism as we have known it is dead." In its place now is stakeholder capitalism, a form of capitalism that has been spearheaded by Klaus Schwab, founder of the World Economic Forum, over the past 50 years. As Benioff put it, stakeholder capitalism is "a more fair, a more just, a more equitable, a more sustainable way of doing business that values all stakeholders, as well as all shareholders." Unlike shareholder capitalism, which is measured primarily by the monetary profit generated for a business' shareholders alone, stakeholder capitalism requires that business activity should benefit all stakeholders associated with the business. These stakeholders can include the shareholders, the employees, the customers, the local community, the environment, etc.

Augmented intelligence is growing as an approach to artificial intelligence, in a way that helps humans complete tasks faster, rather than being replaced by machines entirely. In an IBM report called "AI in 2020: From Experimentation to Adoption," 45% of respondents from large companies said they have adopted AI, while 29% of small and medium-sized businesses said they did the same. All of these companies are still in the early days of AI adoption, and are looking for ways to infuse it to bolster their workforce. Ginni Rometty, the former CEO of IBM, said in a talk at the World Economic Forum that augmented intelligence is the preferable lens through which to look at AI in the future. "I actually don't like the word AI because cognitive is much more than AI. And so, AI says replacement of people, it carries some baggage with it and that's not what we're talking about," Rometty said.

IBM has outlined principles to promote transparency -- and foster public trust -- in the way companies use artificial intelligence. The principles call on banks and other organizations to designate a lead AI official, own up to their use of the technology, explain it and test it for bias. Bankers say they're already on it. IBM unveiled the principles last month at Davos through its new IBM Policy Lab. The goal was to provide guidance for developing intelligent policy that will provide societal protections without stifling innovation.

Every time a company changes its CEO, many changes always follow. Some of those changes are positive. I expect this to happen at IBM as Ginni Rometty steps down and Arvind Krishna steps up as CEO. Let's take a look at the challenges he faces and what we can expect as investors, customers and workers. I have been following IBM for quite a long time.

Indian-origin technology executive Arvind Krishna has been named as the chief executive officer of American IT giant International Business Machines (IBM). The IBM Board of Directors elected Krishna as company CEO and member of the Board of Directors effective April 6 2020. Krishna is currently IBM senior vice president for cloud and cognitive software. "I am thrilled and humbled to be elected as the next chief executive officer of IBM," says Krishna. "IBM has such talented people and technology that we can bring together to help our clients solve their toughest problems," he added. Arvind Krishna's story is similar to those of many Indians in the US tech industry -- he finished a degree from IIT Kanpur, before moving to the US to complete his PhD from the University of Illinois at Urbana-Champaign.

And so, after eight years spent leading one of the world's oldest and most famous technology businesses, IBM's CEO Ginni Rometty will step down in April. Stepping up to the CEO role is Arvind Krishna, who currently serves as the senior VP for the company's cloud and cognitive software unit. When the news came out on Thursday, IBM's shares jumped as much as 5%. Fingers can easily be pointed at Rometty's mixed legacy: during her tenure, the company's stock price dropped over 25% and while the company has been keen to trumpet its artificial intelligence work (in the form of IBM Watson) and its reinvention as a cloud company (thanks to Red Hat) there is still plenty of work to do if IBM is to every approach its former glories. Sure, the latest earnings published by IBM earlier this month beat Q4 expectations.

Ginni Rometty, the first female CEO in IBM's century-long history, is leaving the helm in April. Rometty, 62, will remain IBM's executive chairwoman until the end of the year. Her departure, announced Thursday, caps nearly 40 years with a technology giant famous for its conservative corporate culture. Rometty became IBM CEO eight years ago after previously overseeing sales and marketing. As of this month, Rometty was one of 29 female CEOs leading S&P 500 companies, according to data from Catalyst, a nonprofit for women in business. IBM said the company's commitment to diversity and inclusion advanced under Rometty's leadership.

This week, Alphabet CEO Sundar Pichai and IBM CEO Ginni Rometty called for AI to get its own regulation system. Alphabet CEO Pichai stated that it was "too important not to", going on to expand by explaining that sectors within AI technology, such as autonomous cars and healthtech, needed their own sets of rules. IBM CEO Rometty joined the discussion with the idea of'precision regulation', stating that it is not the technology itself, but how it is used that should be regulated, using facial recognition as an example of technology that can harm people's privacy as well as having its benefits, such as catching criminals. Asheesh Mehra, co-founder and CEO at AntWorks, explains why regulating AI is important. Without it, the technology won't take the world by storm These announcements have come in spite of recent setbacks in the sphere; just last week it was revealed that the European Commission were considering a five year ban on facial recognition, and Google's last attempt to assemble an AI ethics board lasted under two weeks due to controversy over who was appointed.

IBM called for rules aimed at eliminating bias in artificial intelligence to ease concerns that the technology relies on data that bakes in past discriminatory practices and could harm women, minorities, the disabled, older Americans and others. As it seeks to define a growing debate in the U.S. and Europe over how to regulate the burgeoning industry, IBM urged industry and governments to jointly develop standards to measure and combat potential discrimination. The Armonk, New York-based company issued policy proposals Tuesday ahead of a Wednesday panel on AI to be led by Chief Executive Officer Ginni Rometty on the sidelines of the World Economic Forum in Davos. The initiative is designed to find a consensus on rules that may be stricter than what industry alone might produce, but that are less stringent than what governments might impose on their own. "It seems pretty clear to us that government regulation of artificial intelligence is the next frontier in tech policy regulation," said Chris Padilla, vice president of government and regulatory affairs at International Business Machines Corp. The 108-year-old company, once a world technology leader, has lagged behind the sector for years.

Sign up here to receive the Davos Diary, a special daily newsletter that will run from Jan. 20-24. IBM called for rules aimed at eliminating bias in artificial intelligence to ease concerns that the technology relies on data that bakes in past discriminatory practices and could harm women, minorities, the disabled, older Americans and others. As it seeks to define a growing debate in the U.S. and Europe over how to regulate the burgeoning industry, IBM urged industry and governments to jointly develop standards to measure and combat potential discrimination. The Armonk, New York-based company issued policy proposals Tuesday ahead of a Wednesday panel on AI to be led by Chief Executive Officer Ginni Rometty on the sidelines of the World Economic Forum in Davos. The initiative is designed to find a consensus on rules that may be stricter than what industry alone might produce, but that are less stringent than what governments might impose on their own. "It seems pretty clear to us that government regulation of artificial intelligence is the next frontier in tech policy regulation," said Chris Padilla, vice president of government and regulatory affairs at International Business Machines Corp.