IBM CEO Ginni Rometty is moving quickly to quell concerns about the company’s sinking earnings and defend a deal to pay more than a billion dollars to hand off its money-losing microelectronics business to GlobalFoundries.

In a conference call held Monday after IBM issued its earnings report, Rometty firmly asserted that the dip in earnings as well as the chip-business deal were necessary for the company to make bold moves to stay current in a tumultuous time of change in the IT industry.

“Make no mistakes, our results in this quarter were disappointing and we don’t want to minimize that,” she said. “But we have been very clear that this industry is shifting and we have been executing a strategy that moves this company to the future. We are reinventing and managing this company for the long term … I absolutely convinced we are over the right targets.”

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