The merger was the largest in the computer industry at the time and made Unisys the second largest computer company with annual revenue of $10.5 billion. At the time of the merger, Unisys had approximately 120,000 employees. Michael Blumenthal became CEO and Chairman after the merger and resigned in 1990 after several years of losses. James Unruh (formerly of Memorex and Honeywell) became the new CEO and Chairman after Blumenthal's departure and continued in that role until 1997, when Larry Weinbach of Arthur Andersen became the new CEO. By 1997, layoffs had reduced world-wide employee count to approximately 30,000.