NCR Shares Fall After CFO Resigns

NEW YORK (AP) — Shares of NCR Corp. took a hit Thursday, a day after the company said its chief financial officer is resigning to take a job at another company.

The maker of ATMs and retail checkout scanners said Anthony Massetti will resign on Oct. 23, a day after the company reports third-quarter earnings. Robert Fishman, corporate controller, was named interim CFO.

KeyBanc Capital Markets analyst Matt J. Summerville said the timing of the resignation led him to take a pause on his "Buy" rating, and downgraded the company to "Hold."

Summerville called Fishman "highly competent" and said he is not concerned with the soundness of NCR's financial organization.

But he added that the company also is in the middle of several "sizable initiatives" that could each pose challenges. NCR is moving its corporate headquarters to Georgia from Ohio, cutting expenses and working on growing its retail business through DVD and video game kiosks.

As such, Summerville said "it appears prudent to take a more neutral stance until the dust settles."

Shares fell $1.51, or 11 percent, to $12.02 in afternoon trading. The stock has traded in the 52-week range of $6.62 and $19.06.