NCR Corporation (NYSE: NCR), a leading enterprise technology provider, today announced the filing of the Form 10 registration statement with the U.S. Securities and Exchange Commission (SEC) for the planned spin-off of its ATM business.
This Form 10 filing is a key milestone in NCR’s previously announced planto separate into two independent, publicly traded companies – one focused on digital commerce, the other on ATMs – expected in the fourth quarter of 2023.
The Form 10 includes important information about the ATM company’s business, strategy, summary of solutions and historical financial results.
The Form 10 also names current NCR executive leaders who have been designated to join the ATM company, with more executive leaders to be communicated by August. In addition to Tim Oliver, previously announcedas designate Chief Executive Officer of the ATM company and currently NCR Senior EVP and Chief Financial Officer, planned executives of the ATM company in the filing include:
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Dan Antilley, designate Chief Security Officer & Cash Operations
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Stuart Mackinnon, designate Chief Operating Officer
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Patricia Watson, designate Chief Information & Technology Officer
“We are building an organization that will sustain NCR’s market leadership and extend the success of our ATM-centric businesses well into the future,” said Tim Oliver.
The ATM company will be a cash-generative business positioned to focus on delivering ATM as a Service to a large, installed customer base across banks and retailers. It will build on NCR’s leadership in self-service banking and ATM networks to meet global demand for ATM access and leverage new ATM transaction types, including digital currency solutions, to drive market growth. The company will also continue shifting to a highly recurring revenue model to drive stable cash flow and capital returns to shareholders.
“NCR’s Q1 2023 financial results demonstrated the strength of our business, reinforced by our…
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