Leading technology company NCR Corp. (NCR) recently appointed 46 year old Robert Fishman as its Chief Financial Officer, who will be reporting to the Chairman and Chief Executive Officer of NCR, Bill Nuti.
The company has selected Mr. Fishman, after an extensive search of internal and external candidates. Before being declared as the CFO, Fishman has served as the company’s interim CFO from October, 2009, the most recent management position, that Fishman has held since joining NCR in 1993.
Robert Fishman has gradually worked his way up in NCR. He has already worked as an interim CFO from May 2007 till January 2008, and successfully executed the spinoff of the NCR’s former data warehousing business Teradata (TDC) systems, during that period.
While NCR is fortunate to have an experienced leader in Fishman, the company’s fourth quarter performance was disappointing. Although EPS of 37 cents exceeded the Zacks Consensus Estimate, revenues tumbled substantially, compared to the year-ago quarter. Revenues declined across geographies. Sales growth was impacted by the global economic turmoil, especially in the retail, financial services and hospitality industries, which are NCR’s primary markets.
The company is currently seeing some weakness in Western and Eastern Europe and several Middle Eastern countries, all of which contribute significantly to its top line. The company projects a full year 2010 revenue increase of just 2.0% to 5.0% over 2009 levels. So growth prospects are not so bright.
While we are encouraged by the company’s market leadership, successful acquisitions, new product introductions and new business ventures, we believe that near-term visibility is poor. However, robust business model and aggressive cost-cutting measures should result in modest improvement in profits this year.
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