HP Selects NCRs Hurd as New CEO

Updated: Hewlett-Packard has chosen Mark Hurd, president and CEO of NCR, as its new chief executive.

Hewlett-Packard is tapping NCR president and CEO Mark Hurd as its new chief executive.

The Palo Alto, Calif., company confirmed the appointment Tuesday afternoon, citing Hurds ability to manage a complex company that, like HP, offers a broad portfolio of products. HP has scheduled a news conference for Wednesday afternoon to discuss Hurds appointment.

Hurd, 48, will replace Carly Fiorina, who resigned under pressure in February after six years at the helm.

/zimages/6/28571.gifRead more here about Fiorinas departure from Hewlett-Packard.

"Mark came to our attention because of his strong execution skills, his proven ability to lead top-performing teams and his track record in driving shareholder value," Patricia Dunn, chairwoman of the board of directors at Hewlett-Packard Co., said in a statement.

"He demonstrated these skills by turning around NCR, which, while smaller than HP, is a complex organization with multiple business segments."

For his part, Hurd—a 25-year veteran of Dayton, Ohio-based NCR Corp.—said he is excited about the new job.

"HP is one of the worlds great companies, with a proud history of innovation, outstanding talent and enviable positions in many of its product lines and services," Hurd said in a statement.

When Hurd assumes his new role on Friday, James Ringler, currently on the board of directors at NCR, will replace him as the companys interim CEO.

Hurd comes into a challenging environment at Hewlett-Packard. Its a company still trying to remake itself after its $19 billion purchase of Compaq Computer Corp. in 2002, and one that has seen its share of top executives exit over the past few years, either because of new opportunities or because they were forced out.

Meanwhile, Hurd is transitioning from a $6 billion company that focused on business technology—such as ATMs, point-of-sale devices and data warehousing appliances—to an $80 billion company that touches on almost every segment of the IT industry, from hardware to software, small businesses to major corporations, commercial sectors to consumers.

Next Page: Analysts say Hurd has experience with cutting costs.