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Wednesday, March 30, 2005
HP names Fiorina successor

Hewlett-Packard has selected Mark Hurd, NCR chief executive, as its next CEO, ushering in a new phase for the tech giant. Hurd's appointment comes less than two months after HP ousted its former chief executive Carly Fiorina.

Hurd will serve as president and chief executive, with Patricia Dunn retaining the chairwoman title. Hurd is expected to begin his new duties early next month.

NCR issued a statement that Hurd was resigning to take "a position with a large global technology company." His resignation is effective immediately.

"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.

James Ringler, an NCR board member, will serve as interim CEO while the company searches for a replacement.

During the search, Hurd emerged as a clear frontrunner within the first month of the effort even though he was not well-known to HP prior to its CEO search. He was not among the candidates reviewed when HP selected Fiorina six years ago.

Hurd, 48, initially joined NCR in 1980 and rose up the ranks. He has worked as a senior sales and marketing executive and later as the chief operating officer. In March 2003, Hurd was named CEO.

The company, which last year generated $5.98bn in revenue, provides software, hardware and services for automated teller machines, data warehousing and IT services.

In the fourth quarter, NCR posted revenue of $1.79bn, a nine percent increase over the previous year. And the company generated fourth-quarter net income of $124m, up from $80m.

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