NCR names new chairman and CEO-designates as company separation gathers pace
US tech provider NCR has appointed SilverBox Capital co-founder and managing partner Joseph Reece as chairman of its board of directors and named the two CEO-designates who will lead the company’s separated entities as it pushes ahead with its plans to split into two publicly traded firms – one focused on digital commerce, the other on ATMs – by the end of 2023.
NCR names CEO-designates to lead the company’s separated entities
Tim Oliver, NCR’s current senior executive vice president and CFO, will take the reins of one of the companies, while David Wilkinson, the company’s executive vice president and president of the NCR Commerce business, will head up the other.
NCR adds that additional leadership team appointments “are expected to follow in the weeks and months to come”.
NCR announced its decision to split into two separate companies in September last year, with the company saying the move will “unlock value” for its shareholders by creating two firms that can pursue independent growth strategies.
The company names have yet to be determined, but NCR says it has “begun the work necessary to re-launch and name each company as a separate and unique business this fall”.
Reece, who replaces the retiring Frank Martire as chairman of the board, says Oliver and Wilkinson “have the acumen and deep experience necessary to successfully drive shareholder value” and take the new companies forward.
Current NCR CEO Michael Hayford says he will work with the pair “to execute a smooth and effective transition as the companies take their final form”.
NCR says the CEO-designates will continue to work in their current roles while building out their respective leadership teams ahead of the split.
The new leadership appointments were announced alongside the company’s Q1 2023 results, which saw revenue jump 1% year over year to $1.9 billion, up 4% on a constant currency basis.
Hayford says NCR has “delivered strong recurring revenue growth, margin expansion and increased cash flow generation”, adding: “We have positive momentum heading toward the separation into two public companies. During the past two quarters, NCR generated over $400 million in combined free cash flow, allowing us to reduce financial leverage in anticipation of the separation transaction.”
“Following the planned fourth quarter separation, we will become two strong, standalone companies with long runways for growth.”
