Diebold Nixdorf Announces Octavio Marquez Elected Chairman

Rhea-AI Summary

Diebold Nixdorf (NYSE: DBD) announced Octavio Marquez as the new chair of its Board of Directors, effective February 2, 2023. Marquez, who has served as the CEO since March 2022, aims to enhance strategic alignment and operational efficiency. The company recently closed a refinancing transaction, further improving its financial standing. Arthur Anton is appointed as the lead independent director, while Gary Greenfield will not seek re-election at the 2023 annual meeting. New directors Marjorie L. Bowen and Emanuel R. Pearlman are expected to bring valuable expertise as the board structure evolves.

Positive

• Octavio Marquez's election as chair aims to align strategic and operational goals.
• Successful refinancing transaction improves financial position and operational efficiency.
• Appointment of directors with substantial experience enhances Board's capability.

Negative

• None.

HUDSON, Ohio, Feb. 6, 2023 /PRNewswire/ -- Diebold Nixdorf (NYSE: DBD) today announced that Octavio Marquez, president and chief executive officer, was elected chair of the company's Board of Directors, effective Feb. 2, 2023. Marquez was appointed as Diebold Nixdorf president and CEO on March 11, 2022. Over the past year, he successfully led Diebold Nixdorf through streamlining the company's operating model, bringing improved operational efficiency and cost savings, as well as leading the company through its recently closed refinancing transaction. The Board determined that combining the roles of CEO, president and chairman under one leader enhances the alignment between ongoing strategic and operational matters, including focus on deleveraging and evaluating strategic opportunities to deliver value to shareholders. Independent director Arthur Anton, previously chair of the company's Finance Committee and former CEO of Swagelok Inc., a global manufacturing company, was appointed as lead independent director of the Board. 

Gary Greenfield, who joined the Board in 2014 and has served as non-executive chairman since 2018, led the Diebold Nixdorf Board of Directors during a number of transformational developments, including the delivery of essential services and solutions to global financial institutions and retailers during the COVID-19 pandemic. He will not stand for re-election as a director at the company's annual shareholder meeting in 2023. Greenfield stated, "Diebold Nixdorf plays an essential role in the global economy for financial institutions and retailers, and it was a great honor to serve as director over the past nine years. The company and the Board will be very well served by Octavio, Art and their fellow directors. I will continue to cheer for Diebold Nixdorf as a shareholder, and I look forward to watching the company's success in the marketplace and around the world in the coming years."

The Board also appointed Marjorie L. Bowen and Emanuel R. "Manny" Pearlman as directors of the company effective immediately. The Board also anticipates reducing the overall size of the Board at the upcoming annual shareholders' meeting. As previously announced, Bowen and Pearlman bring substantial expertise and experience leading and guiding public and private companies, and will enhance the Board's work as the company moves forward.

Cautionary Note on Forward-Looking Statements

Statements included in this press release that are not historical facts, including statements regarding the Company's future performance and operations, its strategic plans, and other related items, are forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, those detailed in risk factors and elsewhere in the Company's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, and other filings with the U.S. Securities and Exchange Commission (the "SEC"). Should one or more of the risks or uncertainties detailed in the company's filing with the SEC materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. The Company disclaims any intention or obligation to update publicly or revise such statements, whether because of new information, future events or otherwise.

About Diebold Nixdorf

Diebold Nixdorf, Incorporated (NYSE: DBD) automates, digitizes and transforms the way people bank and shop. As a partner to the majority of the world's top 100 financial institutions and top 25 global retailers, our integrated solutions connect digital and physical channels conveniently, securely and efficiently for millions of consumers each day. The company has a presence in more than 100 countries with approximately 22,000 employees worldwide. Visit www.DieboldNixdorf.com for more information.

Twitter: @DieboldNixdorf
LinkedIn: www.linkedin.com/company/diebold
Facebook: www.facebook.com/DieboldNixdorf
YouTube: www.youtube.com/dieboldnixdorf

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SOURCE Diebold Nixdorf, Incorporated

FAQ

Who is the new chair of Diebold Nixdorf's Board of Directors?

Octavio Marquez has been elected as the new chair, effective February 2, 2023.

What changes occurred in Diebold Nixdorf's Board of Directors on February 6, 2023?

Octavio Marquez was elected chair; Gary Greenfield will not seek re-election.

What is the significance of Octavio Marquez's appointment as chair for DBD stockholders?

His leadership is expected to enhance strategic alignment and improve operational efficiency.

Who are the new directors appointed to Diebold Nixdorf's Board?

Marjorie L. Bowen and Emanuel R. Pearlman have been appointed as directors.

What is the impact of board restructuring on Diebold Nixdorf's future?

The restructuring is aimed at improving governance and strategic decision-making.