Paul Langenbahn Named COO, Succeeding Mark Benjamin
Company Reaffirms 2018 Q1 and Full Year Financial Guidance
ATLANTA--(BUSINESS WIRE)--Mar. 22, 2018--
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.
About Bill Nuti
Bill Nuti joined NCR in 2005 as President and CEO and was named Chairman
in 2007 upon completion of the successful $5 billion spin-off of
Teradata. Over his tenure as CEO, NCR’s revenue increased from
approximately $4 billion to $6.5 billion, operating margins more than
tripled, and NCR saw significant growth in cash flows and recurring
revenues. Through organic investment and M&A, Nuti also played a key
role in creating NCR’s $2 billion software business, including its $600
million cloud business, which is now driving ~70% of NCR's profits. NCR
has also become a leader in working with local communities to foster the
creation of STEM jobs across the globe, and the company has been
recognized for its humanitarian contributions and its commitment to
employee training and development.
About Paul Langenbahn
Paul Langenbahn has held sales and general management leadership
positions at NCR, most recently Executive Vice President, NCR Software.
In this role, he led the company’s global software business and was
instrumental in growing NCR’s omni-channel platform, channel
transformation and digital enablement solutions. He previously served as
Senior Vice President and President of NCR’s Hospitality Division from
2014 to 2016, where he achieved double-digit operating income growth
driven by software and cloud, and as Vice President, Global Field
Operations from 2012 to 2014. Prior to joining NCR, he served in various
leadership roles at Radiant Systems Inc., including as President,
Radiant Hospitality Business Unit, from 2007 until the firm was acquired
by NCR in 2011.
About NCR Corporation
NCR Corporation (NYSE:NCR) is a leader in omni-channel solutions,
turning everyday interactions with businesses into exceptional
experiences. With its software, hardware, and portfolio of services, NCR
enables nearly 700 million transactions daily across financial, retail,
hospitality, travel, telecom and technology industries. NCR solutions
run the everyday transactions that make your life easier. NCR is
headquartered in Atlanta, Ga., with about 30,000 employees and does
business in 180 countries. NCR is a trademark of NCR Corporation in the
United States and other countries. NCR encourages investors to visit its
website which is updated regularly with financial and other important
information about NCR.
Website: www.ncr.com
Twitter:
@NCRCorporation
Facebook: www.facebook.com/ncrcorp
LinkedIn:
https://www.linkedin.com/company/ncr-corporation
YouTube:
www.youtube.com/user/ncrcorporation
Note to Investors This release contains forward-looking
statements. Forward-looking statements use words such as “expect,”
“anticipate,” “outlook,” “intend,” “plan,” “believe,” “will,” “should,”
“would,” “could,” and words of similar meaning. Statements that describe
or relate to NCR’s plans, goals, intentions, strategies, or financial
outlook, and statements that do not relate to historical or current
fact, are examples of forward-looking statements. The forward-looking
statements in this release include statements about the expected timing
and success of the Board’s CEO search; NCR’s ability to grow and produce
value, and to execute in the future; and the reaffirmation of NCR's
full-year and first quarter financial guidance and outlook and the
expected type and magnitude of the non-operational adjustments included
in any forward-looking non-GAAP measures. Forward-looking statements are
based on our current beliefs, expectations and assumptions, which may
not prove to be accurate, and involve a number of known and unknown
risks and uncertainties, many of which are out of NCR’s control.
Forward-looking statements are not guarantees of future performance, and
there are a number of important factors that could cause actual outcomes
and results to differ materially from the results contemplated by such
forward-looking statements, including those factors relating to: the
strength of demand for ATMs and other financial services hardware and
its effect on the results of our businesses and reportable segments;
domestic and global economic and credit conditions including, in
particular, those resulting from the imposition or threat of
protectionist trade policies or import or export tariffs, global and
regional market conditions and spending trends in the financial services
and retail industries, new comprehensive U.S. tax legislation, modified
or new global or regional trade agreements, the determination by the
United Kingdom to exit the European Union, uncertainty over further
potential changes in Eurozone participation and fluctuations in oil and
commodity prices; the transformation of our business model and our
ability to sell higher-margin software and services; our ability to
improve execution in our sales and services organizations; our ability
to successfully introduce new solutions and compete in the information
technology industry; cybersecurity risks and compliance with data
privacy and protection requirements; the possibility of disruptions in
or problems with our data center hosting facilities; defects or errors
in our products; the impact of our indebtedness and its terms on our
financial and operating activities; the historical seasonality of our
sales; tax rates and new US tax legislation; foreign currency
fluctuations; the success of our restructuring plans and cost reduction
initiatives; manufacturing disruptions; the availability and success of
acquisitions, divestitures and alliances; our pension strategy and
underfunded pension obligation; reliance on third party suppliers; the
impact of the terms of our strategic relationship with Blackstone and
our Series A Convertible Preferred Stock; our multinational operations,
including in new and emerging markets; collectability difficulties in
subcontracting relationships in certain geographical markets;
development and protection of intellectual property; workforce turnover
and the ability to attract and retain skilled employees; environmental
exposures from our historical and ongoing manufacturing activities; and
uncertainties with regard to regulations, lawsuits, claims, and other
matters across various jurisdictions. Additional information concerning
these and other factors can be found in the Company’s filings with the
U.S. Securities and Exchange Commission, including the Company’s most
recent annual report on Form 10-K, quarterly reports on Form 10-Q and
current reports on Form 8- K. Any forward-looking statement speaks only
as of the date on which it is made. The Company does not undertake any
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180322005573/en/
Source: NCR Corporation
NCR Corporation
Media Relations:
Scott Sykes, 212-589-8428
scott.sykes@ncr.com
or
Investor
Relations:
Michael Nelson, 678-808-6995
michael.nelson@ncr.com