NORTH CANTON, Ohio - Little more than a month after Diebold Inc. named Thomas W. Swidarski its new president and chief operating officer, company chairman and chief executive Walden W. O'Dell has announced his own immediate resignation. (Read also, Swidarski, Krakora named to key positions at Diebold and Update: Diebold reorganizes, O'Dell to oversee global operations.)

According to a news release, Swidarski is assuming the role of CEO effective immediately, in addition to his duties as president.

"This has been a very challenging year for the company," Swidarski said. "We are beginning to make progress to improve some of our performance issues, reduce our cost-structure by addressing inefficiencies in our manufacturing supply chain and software-development processes, and instill price discipline throughout the company."

Swidarski has held several senior-level operational, marketing, strategic and business-development positions within Diebold since joining the company in 1996. Before Diebold, Swidarski held various management positions in the financial industry, where he focused on marketing, product management, retail-bank profitability, branding and retail distribution. He also was a senior executive at PNC Bank and several other leading financial institutions.

Swidarski received a bachelor's degree in marketing and management at the University of Dayton (Ohio) and a master's degree in business management from Cleveland State University.

John Lauer, chairman of Diebold's board-governance committee and presiding independent director, said O'Dell's decision to leave the company was "personal." "The board of directors and Wally mutually agreed that his decision to resign at this time for personal reasons was in the best interest of all parties."

"The board and I have been impressed with the initiatives Tom has launched in his role as COO and feel Tom's demonstrated leadership is crucial to improving the company's performance moving forward," he added.

The board authorized Diebold to repurchase up to 4 million shares of its common stock in the open market. The company has repurchased approximately 3.3 million shares to date in 2005. (Read also, Diebold authorizes 4-million share stock-repurchase.)