26 November 2015

CEO Swidarski out as Diebold warns on disappointing Q4 results

24 January 2013  |  12988 views  |  0 Stock market graph on screen

Shares in Diebold fell more than eight per cent in morning trading after the ATM manufacturer warned that it will post a fourth quarter operating loss and confirmed that CEO Tom Swidarski has left.

The firm has reported preliminary fourth quarter revenue of around $840 million and a loss from continuing operations of 12 cents a share, or income from continuing operations of 45 cents a share on a non-GAAP basis.

Diebold blamed the disappointing figures on an accelerating slowdown in the US regional bank arena, higher costs in the American service business and ongoing delays in its Brazil operations.

With the US market continuing to struggle, for 2013 the company expects revenues to be flat and non-GAAP earnings to be flat to slightly down.

Meanwhile, after 17 years with Diebold, seven as president and CEO, Tom Swidarski is "stepping down" from the company and its board, effective immediately.

George Mayes, currently EVP, global operations, has been promoted to the new role of COO and will be responsible for daily operations until a CEO is found.

Executive chairman Henry Wallace - who was only elected to the position earlier this month - will also take on regular oversight of operations in the interim.

"This was a very difficult decision, and we wish Tom all the best in the next step in his career. Progress has been made over the past several years in many areas. However, the board's judgement is that given the company's ongoing performance and pace with which it is delivering tangible value, it is in our stakeholders' best interests to make a change in leadership at this time," says Wallace.

Shares in Diebold were down $2.89, or 8.85%, to $29.77 at pixel time.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

09 January, 2013
25 October, 2012
22 October, 2012
03 June, 2010
04 February, 2009
30 April, 2008
03 March, 2008
30 January, 2007
08 August, 2006
13 December, 2005

Related company news


Top topics

Most viewed Most shared
MIT to run fintech degree course
9246 views comments | 36 tweets | 14 linkedin
Coinbase issues Bitcoin debit card
8208 views comments | 18 tweets | 21 linkedin
UK banks hardest hit by non-bank money tra...
8112 views comments | 29 tweets | 31 linkedin
Apple Pay users given a free ride in Londo...
7976 views comments | 21 tweets | 29 linkedin
BBVA buys 29.5% stake in Atom for £45...
7274 views comments | 33 tweets | 41 linkedin

Featured job

to USD $130K base, double OTE
New York City, NY

Find your next job