Gary Cohn joins IBM as vice chairman

Gary Cohn, the former Goldman Sachs president and economic advisor to President Donald Trump, is joining IBM as its vice chairman.

Cohn announced the move in a tweet Tuesday morning in which he said he was “honored” to be joining the company’s board.

IBM shares traded up about 1.2% following the news.

CNBC’s Jim Cramer said the announcement is “an exciting move for IBM. Gary can be a change agent.”

In the new role, Cohn will act as an advisor to IBM CEO Arvind Krishna, who took over the company in April with a pledge to expand its reach into the artificial intelligence and cloud computing space.

This is breaking news. Please check back for updates.

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