Clayton, Dubilier & Rice Inc., a New York-based buyout shop, said Ned Lautenbach, a former International Business Machines Corp. senior vice president, has joined the firm.

Mr. Lautenbach is credited with restructuring IBM's sales organization and has served as chairman of its World Trade Corp. He also served as president of IBM's national distribution division in the United States and president of its Asia-Pacific region.

Clayton Dubilier manages a $1.5 billion pool of equity capital.

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