International Business Machines Corp. stated that its second-highest-ranking executive, Jim Whitehurst, is leaving the company two years after he joined through IBM’s $33 billion acquisition of cloud software provider Red Hat.

Mr. Whitehurst, who has held the title of president, will continue to serve as an advisor to the company after his departure, IBM stated on Friday.

When Arvind Krishna was named chief executive of IBM in January 2020, Mr. Whitehurst became its first president in decades, as the company worked to increase its cloud-computing business.

Mr. Whitehurst was seen as a potential contender for the top job at IBM. The company didn’t name the new president on Friday.

IBM’s shares dropped roughly 4$ following the news.