News

NCR names new CEO, president

August 1, 2005

DAYTON, Ohio - NCR Corp. announced in an Aug. 1 news release that William Nuti, the president and chief executive of Symbol Technologies, has been hired to replace former NCR head Mark Hurd, who left the company in March to lead Hewlett-Packard Co.

The appointment takes effect Aug. 8.

James M. Ringler, 60, who has been serving as NCR's board chairman and interim CEO since Hurd's departure, will continue as the company's chairman.

Terms of Nuti's compensation are expected to be disclosed in a filing with the U.S. Securities and Exchange Commission this week, NCR spokesman John Hourigan told the Dayton Daily News.

Nuti joined Holtsville, N.Y.-based Symbol Technologies in August 2002 and has served as the company's president and CEO since December 2003. In 2003 Symbol Technologies returned a profit for the first time in five years. From 2002 to 2004, the company's revenue increased 24 percent. Nuti strengthened the company's product portfolio and positioned Symbol as a leading supplier in radio frequency identification technology.

According to the Dayton Daily News, in June 2004, Symbol Technologies agreed to pay a $37 million penalty to settle charges by the SEC that it engaged in accounting fraud. That fraud, which reportedly occurred from 1998 until early 2003 and involved a former Symbol president - not Nuti - resulted in revenue that had been falsely inflated by $230 million.

"I see a lot of opportunity at NCR to take a very healthy company with a strong brand and superb technology and build it into an even greater business," Nuti said in the release. "It's an exciting time for the company and I'm looking forward to working with the team to take NCR to an even higher level of performance."

Before joining Symbol, Nuti spent 10 years with Cisco Systems, which provides computer hardware and software. Before leaving Cisco in 2002, Nuti was senior vice president responsible for both the company's Worldwide Service Provider business and the U.S. Theater Operations. In this dual role, he led Cisco's field operations, systems engineering, professional services, marketing and U.S. sales divisions.