Hurd hired for HP top job

HP has named Mark Hurd as its new president and CEO following the departure of Carly Fiorina in early February. Hurd, 48, has been president and CEO of ATM and data warehousing company NCR since March 2003.

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By  Stuart Wilson Published  March 30, 2005

HP has named Mark Hurd as its new president and CEO following the departure of Carly Fiorina in early February 2005. Hurd, 48, has been president and CEO of ATM and data warehousing company NCR since March 2003. Hurd will take up his new duties on April 1st 2005. Patricia Dunn, HP’s non-executive chairman, stated: “Our search for a new leader to return HP to sustained success has been focused and thorough. A screening team of board members, consisting of myself, Jay Keyworth and Tom Perkins, established a broad field of candidates and interviewed many individuals. We then recommended the strongest contenders to the board as finalists. Each was interviewed by the entire board, and Mark was our top choice.” “Mark came to our attention because of his strong execution skills, his proven ability to lead top performing teams and his track record in driving shareholder value. He demonstrated these skills by turning around NCR, which, while smaller than HP, is a complex organisation with multiple business segments. As we got to know Mark, we were impressed by his emphasis on developing internal talent while reaching outside for new skills, his understanding of the role of culture in a company's success and his personal integrity. Additionally, his straightforward style has won the respect of employees, customers and investors,” continued Dunn. Hurd commented: “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.” In total, Hurd, 48, spent a quarter of a century at NCR, culminating in a two-year stint as CEO. During his leadership, Hurd is credited with improving NCR’s operating efficiency, strengthening the vendor’s product line-up and building a strong management team. During fiscal 2004, NCR sales jumped 7% to US$6bn, while after-tax profits soared almost fivefold to US$290m. "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,” commented Hurd. With Hurd’s solid reputation as a turnaround king intact, investors certainly backed the move with HP’s shares rising 10% as news of the appointment hit the markets. Hurd’s financial credentials are not in doubt. During Hurd's tenure as CEO at NCR the company’s share price more than quadrupled. During Fiorina’s five-year stint as HP boss, the company’s shares fell more than 50% and a number of senior executives defected to close rivals.

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