Symbol's Nuti Flees for NCR

The former Cisco executive fails to turn the barcode maker around.
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Symbol

(SBL)

chief Bill Nuti stepped down and took over as CEO at

NCR

(NCR) - Get Report

.

Symbol named finance chief Sal Iannuzzi interim CEO and hired Heidrick & Struggles to conduct a worldwide search. At Dayton, Ohio-based NCR, Nuti will take over for Mark Hurd, who recently took Carly Fiorina's job at

Hewlett-Packard

(HPQ) - Get Report

.

The news came as Holtsville, N.Y., radio frequency identification outfit Symbol posted disappointing quarterly numbers. For its second quarter ended June 30, Symbol lost $31 million, or 12 cents a share, reversing the year-ago profit of $29 million, or 12 cents a share. Latest-quarter numbers were pulled down by 14 cents a share worth of charges and asset impairments. Symbol, which warned twice in the last month that it wouldn't match revenue targets, posted a 1% drop from a year ago on the top line, to $428 million.

Symbol had hired Long Island native Nuti from

Cisco

(CSCO) - Get Report

in 2002 to help lead the company in a turnaround. But Symbol struggled to clear its accounting record, a legacy left by the previous management.

Last year, Symbol started to gain distance from its scandal era when the company settled a shareholder lawsuit for $98 million and settled a fraud investigation by the

Securities and Exchange Commission

for $37 million. But Symbol warned on June 28 that it wouldn't match Wall Street's revenue targets, and it then warned again two weeks later and bid adieu to its finance chief. At that point the company also set plans to shed 13% of its jobs.

"While we are disappointed in Bill's decision to leave, the board has great confidence in Symbol's senior leadership team and its ability to execute the operating plans we have in place," said Symbol's nonexecutive chairman, Robert Chrenc. "We thank Bill for his many contributions in successfully bringing Symbol through a very difficult period and wish him the best in his future endeavors. We are confident that we will soon identify a high-caliber executive to lead the company to the next level."

Early Monday, Symbol lost 64 cents to $11.