NCR CEO Bill Nuti and COO Mark Benjamin resigned

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The $6.59 billion NCR Corporation announced the resignation of Bill Nuti, chairman and chief executive officer.

Bill Nuti, the third-longest-serving CEO in NCR’s 134-year history, will step down from NCR due to health reasons upon the naming of a new CEO.

The company said Mark Benjamin, the current COO, has also resigned to pursue an opportunity outside NCR.

NCR will be looking for a new CEO.

NCR has appointed Paul Langenbahn, currently executive vice president of NCR Software, as chief operating officer.

Paul Langenbahn has been an executive of NCR for seven years, most recently as executive vice president, NCR Software, leading the company’s global software business and was president of NCR’s Hospitality Division from 2014 to 2016.

Prior to NCR, he served as president, Radiant Hospitality Business Unit, until the firm was acquired by NCR in 2011.

Bill Nuti joined NCR in 2005 as president and CEO and was named chairman in 2007 upon completion of the $5 billion spin-off of Teradata. Over his tenure as CEO, NCR’s revenue increased from $4 billion to $6.5 billion, operating margins more than tripled, and NCR saw significant growth in cash flows and recurring revenues.

Bill Nuti played a key role in creating NCR’s $2 billion software business, including its $600 million cloud business, which is now driving ~70% of NCR’s profits.