NCR Corporation (NYSE:NCR) today announced the expected board of directors for Teradata Corporation, the independent company that will be created through the strategic separation of NCR's data warehousing business.
These directors are expected to assume their new responsibilities in connection with the completion of the spin-off transaction, which is anticipated to occur by the end of the third calendar quarter of 2007, subject to customary conditions, including receipt of a ruling from the Internal Revenue Service and final approval by NCR's board of directors.
James Ringler, current chairman of the NCR board of directors, will serve as chairman of the Teradata board. In addition to his role at NCR, Ringler serves on the boards of directors of The Dow Chemical Company, FMC Technologies, Autoliv and Corn Products International, and previously served as vice chairman of Illinois Tool Works Inc. and as chairman and chief executive officer of Premark International.
Other current NCR board members expected to join the Teradata board include: William Stavropoulos, former chief executive officer and chairman, and chairman emeritus of the board of directors, of The Dow Chemical Company, and a trustee to the Fidelity Group of Funds; Victor Lund, former chairman and chief executive officer of American Stores Company and former non-executive chairman of Mariner Health Care, Inc.; C.K. Prahalad, the Harvey Freuhauf Professor of Business Administration at the University of Michigan and a specialist in corporate strategy and the role of top management in large, diversified, multinational companies; and Pete Boykin, former president and chief operating officer of Computer Sciences Corporation. In addition, Mike Koehler, who currently leads the Teradata division of NCR, will be a member of the Teradata board. Koehler is expected to become CEO once the spin off is complete.
"The strategic guidance, expertise and continuity of leadership these individuals provide will serve Teradata well as it becomes a public company," said Ringler.
"While Bill Stavropoulos, Vic Lund and I will be leaving the NCR board, C.K. Prahalad and Pete Boykin will continue to serve on NCR's board in addition to joining the Teradata board. Additional NCR and Teradata directors are expected to be appointed in the future to address the specific needs of each company," Ringler added.
Following the Teradata spin off, William Nuti will become chairman of the NCR board while continuing in his role as NCR chief executive officer. Linda Fayne Levinson, current NCR board member, will serve as lead independent director. Levinson is a former partner with GRP, a private equity investment fund. She serves on the boards of directors for The Western Union Company, Jacobs Engineering Group, Inc., Ingram Micro, Inc., Vendare Media Corporation and DemandTec, Inc. and is executive board chair for X1 Technologies, Inc.
In addition to Nuti, Prahalad, Boykin and Levinson, NCR's board of directors will include: Mark Frissora, chief executive officer of the Hertz Corporation, and Gary Daichandt, former executive vice president of Cisco Worldwide Operations.
Interim Chief Financial Officer Named for Teradata
Robert Young has been named interim chief financial officer for Teradata Corporation. For the past seven years, he has served as chief financial officer of the Teradata Division of NCR. Young joined NCR in 1978, working in various financial management assignments in U.S. sales for the next nine years. Subsequent positions included management roles in Corporate Finance and Administration, the Financial Solutions Division and several other NCR operating units. Additionally, he served as general manager of NCR's former Workstation Products Division in Augsburg, Germany.
Young has a bachelor of science degree in business administration from Murray State University and a master of business administration from Georgia State University. He served as a U.S. Army officer prior to beginning his business career.
As previously announced, NCR shareholders as of the record date of the distribution are expected to receive one share of Teradata Corporation common stock for each share of NCR common stock they own at the completion of the spin off. Teradata Corporation has applied to have its common stock listed on the New York Stock Exchange under the symbol "TDC."