NCR Corporation (NYSE: NCR) today announced that Bill Nuti, Chairman and Chief Executive Officer, has informed the Company’s Board of Directors that he intends to step down for health reasons upon the naming of a new CEO.
The Board, with the assistance of Spencer Stuart, has been conducting a thorough CEO search which is expected to be completed in the next couple of months. Upon stepping down, Nuti will be named Chairman Emeritus and serve as a consultant to NCR.
NCR also announced that Paul Langenbahn, Executive Vice President of NCR Software, has been promoted to Chief Operating Officer, succeeding Mark Benjamin who has resigned to pursue an opportunity outside NCR. Langenbahn has been an executive of NCR for seven years, most recently as Executive Vice President, NCR Software leading the company’s global software business and was President of NCR’s Hospitality Division from 2014 to 2016. Prior to NCR, he served as President, Radiant Hospitality Business Unit, until the firm was acquired by NCR in 2011.
Chinh Chu, the Board’s Independent Lead Director, said, “As the third-longest-serving CEO in NCR’s 134-year history, Bill Nuti is a great leader who has had a profound impact on the company’s successful evolution. Bill’s vision and focus on execution has driven the reinvention of NCR, transforming our company into a software and services-led organization, and we are pleased that he will stay involved with the company. On behalf of the entire Board, I thank him for his dedicated service and wish him well.”
Chu continued, “With our strong market position and leading technology, NCR is well positioned to continue growing its strategic revenue streams and capitalizing on our leadership in the Financial Services, Hospitality, and Retail industries to produce outstanding value for our customers and shareholders. Our Board firmly believes in NCR’s strategy and prospects, and with the appointment of Paul Langenbahn as COO as well as the high-caliber CEO candidates we are in the final stages of evaluating, we are highly confident in NCR’s ability to successfully execute into the future.”
Bill Nuti said, “I woke up every day as Chairman and CEO of NCR never taking for granted the extraordinary honor it is to lead this great company. I have always felt immense pride being an employee of NCR. It’s a very special company, with incredible people who work hard every day to serve our customers and build something truly great. I want to thank the people of NCR, past and present, for their dedication, focus, and results. While I would love nothing more than to continue as CEO, serving as a full-time executive will simply not be feasible in the near future. I am honored by the Board’s decision to name me Chairman Emeritus, and I look forward to keeping an active connection with NCR, while also focusing on my outside boards and, most importantly, spending more time on my health and family.”
Nuti continued, "I am pleased the Board has asked Paul Langenbahn to become COO. His expertise in software and services, and his deep experience working across NCR, uniquely positions him to lead our operations. It has been a pleasure to work closely with Paul over the past seven years as we have grown NCR into one of the largest cloud/SaaS solution providers in its space, and I know he shares the Board‘s vision and has a true passion for the work we are doing to ensure NCR remains an industry leader. As much as we have accomplished over the last 13 years, I’m even more excited about the future. In a world where physical and digital boundaries are increasingly blurred, nobody is better positioned than NCR to help companies with their business challenges.”
Reaffirming Financial Guidance
NCR remains confident in its vision and strategy and is reaffirming its first quarter and full year 2018 guidance provided on February 8, 2018.