DAYTON, Ohio -- NCR Corporation says that its Board of Directors, at a special meeting on Feb. 19, accepted the resignation of Lars Nyberg as chief executive to allow him to address certain family matters.
Nyberg will continue as non-executive chairman of NCR's board.
Mark Hurd, NCR's president, will succeed Nyberg. Hurd was also elected to the board. The moves take effect on March 14, according to a news release.
NCR in January reported weaker-than-expected financials, with net income in 2002's fourth quarter of $57 million, a drop of 20 percent from 2001's fourth quarter.
Nyberg, 51, has served with NCR since 1995 and directed the company through its 1996 spin-off from AT&T Corporation and return to profitability.
Hurd, 46, started his career at NCR in 1980, took over management of the company's Teradata data warehousing business in 1999, was named NCR president in 2001 and added the NCR chief operating officer title in September 2002.
Hurd's successes during his 23-year career at NCR include the building of Teradata into a market leader in large data warehouses. Teradata was NCR's top performer in 2002, with fourth-quarter revenues of $341 million, up 8 percent from 2001's fourth quarter. Teradata's fourth quarter 2002 operating income increased 160 percent from 2001's fourth quarter, to $34 million.
"We are appreciative of Lars' leadership as CEO and the fact that we'll continue to benefit from his insights as chairman, but we also respect and understand his need to address his family concerns," read a statement by the board. "At the same time, we are extremely fortunate to have an individual in Mark Hurd who has demonstrated both his readiness and the leadership skills to take NCR into the future."
Nyberg said in a statement, "There is still much to do, and I regret having to leave the CEO position before my work is finished, but I am highly confident that our progress will carry on under the leadership of Mark Hurd and the many NCR employees worldwide who make the company go."
"NCR has refocused on global businesses where the company can build and sustain market leadership positions. With that direction in place throughout the organization, NCR is on a path to deliver on its potential for operational excellence and value creation," said Hurd in a statement.
