January 25, 2013

Canton, Ohio-based ATM manufacturer Diebold announced that longtime CEO Tom Swidarski will leave the company, as it also reported disappointing preliminary Q4 results.

Swidarski had spent the past 17 years at the company, including the past seven as its chief executive.

"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 Henry D.G. Wallace , Diebold executive chairman of the board, in a prepared statement. "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."

Additionally, George Mayes, Jr., EVP, global operations, has been promoted by the board to the newly created position of chief operating officer, reporting directly to Wallace. 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, said Diebold.

The company also reported preliminary 2012 fourth quarter revenue of approximately $840 million and a loss from continuing operations of 12 cents per share.

Diebold said it expects relatively flat revenue in 2013, blaming a slowdown in the U.S. regional bank sector and higher costs in the American service business, among other factors.

[Related: Long Live the ATM: Automated Teller Machines Are Still An Important Delivery Channel for Banks]

ABOUT THE AUTHOR
Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as ...