NORTH CANTON, Ohio, Jan. 24, 2013 /PRNewswire/ -- Diebold, Incorporated (NYSE: DBD) today announced Thomas W. Swidarski, president and chief executive officer (CEO), is stepping down from the company and its board of directors, effective immediately. In addition, George S. Mayes, Jr., executive vice president, global operations, has been promoted by the board to the newly created position of chief operating officer, reporting directly to Henry D.G. Wallace, Diebold executive chairman of the board. Wallace will assume regular oversight of the company until a new CEO is hired; Mayes will be responsible for daily operations. The search process for a new chief executive is currently underway.
"We wish to thank Tom for the leadership and integrity he provided during his 17-year career at Diebold – the past seven years as our chief executive. This was a very difficult decision, and we wish Tom all the best in the next step in his career," said Wallace. "Progress has been made over the past several years in many areas. However, the board's judgment 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.
"As we look to the future, the board feels Diebold's strategies are sound given the company's progress on several fronts, including integrated services and the growth potential of electronic security. Our anticipated revenue growth for the year is evidence that our markets remain sound," Wallace continued. "However, the company's execution of its strategies has not been what we want or expect and we have underperformed against the opportunities in the marketplace."Wallace continued, "This reflects the need for deeper, faster operational transformation. Our search for a new chief executive will focus on attracting a candidate with a proven track record for successfully executing growth strategies in a global software and services environment."
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts