01 August 2005 Electronic transaction company NCR, has named Bill Nuti as its new president and chief executive officer, promising to drive the already diverse company into new markets.
Nuti joins NCR from supply chain and logistics vendor Symbol Technologies, where he served as president and CEO since December 2003. He replaces former CEO Mark Hurd, who left the company in March to become Hewlett-Packard’s latest CEO.
Previously, Nuti spent 10 years at networking giant Cisco Systems, before being appointed to bring stability to Symbol, which had been plagued by accounting scandals.
Nuti is expected to concentrate on increasing profitability and said he will turn to acquisitions in the longer term.
“I see a lot of opportunity at NCR to take a very healthy company with a strong brand and superb technology and build it into an even greater business,” said Nuti in a statement.
NCR already produces technology to serve a number of electronic transaction markets, including data warehouses and automated teller machines (ATM). In recent quarters, the performance of its Teradata data warehousing unit has helped drive revenue growth, and it is possible that Nuti would look to augment this side of the business, perhaps pushing further into the business intelligence market.
About a quarter of all NCR’s $6 billion annual revenues come from its Teradata unit, but it is the company’s most profitable and fastest growing unit. For the quarter ending 30 June 2005, Teradata reported profits of $76 million on revenues of $361 million.
As a whole, NCR generated profits of $127 million on revenues of $1.47 billion for the quarter.