Hewlett Packard (HP) has appointed Mark Hurd, chief executive of US ATM manufacturer NCR, as president and CEO, replacing Carly Fiorina who was ousted last month.
Shares in NCR plunged on Tuesday after the vendor confirmed that Hurd was leaving the firm. NCR stock fell 17.15% on the news to close at $31.40, although the stock did recover slightly in after hours trading, rising 0.96% to $31.70. Although HP didn't announce the appointment until after market close, rumours that Hurd was joining the firm were enough to drive the company's shares up 10.06% to close at $21.78.
Hurd joined NCR in 1980 and has served as president and CEO for the last two years. Prior to this he was president and COO, responsible for driving the performance of NCR's five business units. Hurd also served three years as president and COO of NCR's Teradata data warehousing division.
Under Hurd's leadership, NCR's stock has risen by more than 300%, while profits have soared by nearly 500%.
NCR says board member James Ringler has taken the reins as interim CEO.
Says Ringler: "Given the contributions Mark has made to the company over his 25-year career with NCR, we're all disappointed to see him go, but we respect his decision to take on a new challenge."
Hurd will take up his new post at HP on 1st April.