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HP Appoints New CEO, Expects Turnaround

NCR’s Mark Hurd Appointed as CEO of HP

by Anton Shilov

[ 03/30/2005 | 07:42 AM ]

HP announced that its Board of Directors has named Mark Hurd to serve as the company’s chief executive officer and president.

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Mark Hurd will take up his new duties on April 1^st and join HP’s Board. He succeeds Robert Wayman, a 36-year company veteran who has been chief financial officer since 1984 and was named interim chief executive officer in February 2005. Wayman, age 59, will remain CFO and continue to serve as a member of HP’s board.

Hurd, 48, has served since March 2003 as president and chief executive officer of NCR Corp., where his 25-year career has been spent in a range of general management, operations and sales and marketing positions. Prior to his current responsibilities, he was NCR’s president and chief operating officer, responsible for driving the performance of its five business units. Previously, Hurd served three years as president and chief operating officer of the company’s Teradata division, which he built to be a global leader in enterprise data warehousing, analytic applications and data warehousing services.

When Hurd was named CEO in February 2003, NCR's revenues were declining and its stock price was languishing. Since then, the company's fortunes have reversed. Dayton, Ohio-based NCR in January posted fourth-quarter net income that rose 55 percent and sales that rose 9 percent to $1.79 billion, according to Reuters.

“While this is a huge stretch for Mark (in terms of the scale and size of HP), he is a very capable executive who did a great job with Teradata, part of NCR,” said Bruce Richardson, senior vice president of AMR Research in an interview with Reuters. “(It's) a surprise pick, but one with high potential.”

Hurd said, “HP is one of the world’s great companies, with a proud history of innovation, outstanding talent and enviable positions in many of its product lines and services. It’s a great honor to join its leadership team and have the opportunity to build on its success.”