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NCR's CEO Resigns

Lars Nyberg, who has served as CEO of NCR for the past eight years, has resigned, citing family reasons.

Nyberg, whose resignation will take effect March 14, will remain with the computer-services company as non-executive chairman of its board. That will take him out of day-to-day operations but leave him with some involvement in the company.

The board named president Mark Hurd, 46, as the company's next CEO.

Nyberg, 51, shepherded NCR through a split from AT&T and its return as an independent, publicly traded company. He will step down so he can "address certain family matters," the company said Wednesday without elaborating.

"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," Nyberg said in a statement.

A 23-year veteran of NCR, Hurd took over the company's Teradata division in 1999. He became company president in 2001 and COO in September. He will remain president but not COO, the company said.

Hurd is credited with expanding NCR's Teradata business, which makes and sells computer systems that store and analyze massive amounts of data. More recently, he has been overseeing a restructuring of the company to make it more efficient and profitable.

Last year, NCR reported a loss of $220 million, or $2.21 per share, compared with net income of $217 million, or $2.18 per share, during 2001. Annual revenue declined to $5.6 billion last year, compared with $5.9 billion in 2001.

Also last year, the company announced plans to streamline operations and lay off 1,500 workers. Nyberg has said the restructuring will eliminate between $50 million and $60 million in expenses this year.

The company has said it looks for first-quarter and 2003 revenues to remain flat.

NCR spokesman Jeff Dafler said Nyberg's impending departure had nothing to do with the company's recent performance. NCR employs 30,100 people worldwide.

NCR shares rose $2.12, or 12.1 percent, to close at $19.72 on the New York Stock Exchange.

Copyright © 2003 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten or redistributed without the prior written authority of The Associated Press.

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