Palmisano never leaves a business until he has wrung out every possible penny. He did it with PC Company - stuffed the channels, made the numbers - then left the mess to Dave Thomas who gave up and retired.
Then he did it in Global Services - killed every future project to prop up the bottom line, made the numbers, and left the mess to Doug Elix.
Now he's done it with the whole company. Sell debt, buy back stock, use the stock as currency to buy software companies, play the non-landed tax model game, trade currencies - and when there is just nothing left, cash out and leave the mess to someone else.