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It's official: Hurd new CEO at HP
Former NCR exec tapped to succeed ousted Carly Fiorina as the computer maker's CEO.
March 29, 2005: 4:54 PM EST

NEW YORK (CNN/Money) - Hewlett-Packard Co. officially announced Tuesday that NCR Corp. CEO Mark Hurd would take the helm of the computer and printer maker as of April 1.

Hurd will succeed Carly Fiorina, who was ousted as CEO on Feb. 9. HP Chief Financial Officer Robert Wayman has served as interim CEO since Fiorina resigned under pressure from the company's board.

Patricia Dunn, HP's non-executive chairman, said that the company's board voted unanimously for Hurd based on his track record at NCR, a maker of retail checkout systems and bank cash machines.

"Mark came to our attention because of his strong execution skills, his proven ability to lead top performing teams and his track record in driving shareholder value. He demonstrated these skills by turning around NCR, which, while smaller than HP, is a complex organization with multiple business segments," said Dunn in a company statement.

Hurd, 48, has been NCR's president and CEO for two years. He spent 25 years at the Dayton, Ohio-based company in general management, operations, and sales and marketing posts.

"I'm very proud of what NCR has achieved during my tenure as CEO and I'm confident that with the company's leading technologies and attractive markets, coupled with the management team's focus on execution, the momentum will continue," Hurd said in a statement.

Hints of the move first surfaced in a report Tuesday on The Wall Street Journal's Web site. The choice then became clearer when NCR (Research) announced Hurd had resigned to accept a post with a "large global technology company."

NCR said director James Ringler has taken the reins as interim CEO. Ringler, retired vice chairman of Illinois Tool Works Inc., joined the NCR board in 2003. He is already working from the company's headquarters in Dayton, Ohio.

The board of NCR is actively searching for a new CEO, the company said.

Hewlett-Packard (up $1.99 to $21.78, Research) stock jumped about 10 percent in regular New York Stock Exchange trading and were little changed in after-hours trading. Shares of NCR tumbled 17 percent.

For more on what the change at the helm means to HP, click here.

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Hewlett Packard
Chief Executive Officers
Corporate Governance
Carleton S. Fiorina
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