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Yes, after they lost something like a third of their market cap and shrank, and reorganized and clawed their way back.

"""Gerstner quarterbacked one of history's most dramatic corporate turnarounds. For those who follow business stories like football games, his tale of the rise, fall and rise of IBM might be the ultimate slow-motion replay. He became IBM's CEO in 1993, when the gargantuan company was near collapse."""

From one of the reviews here http://www.amazon.com/Elephants-Dance-Inside-Historic-Turnar...

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