NCR Board Elects New Independent Lead Director and Nominates New Board Member

Rhea-AI Summary

NCR Corporation has appointed Mark W. Begor, CEO of Equifax, as the independent Lead Director, effective April 20, following his election at the 2021 Annual Meeting. Begor, who joined the NCR Board in February 2020, has a strong background in operational leadership and technology transformation. The Board also nominated Martin Mucci, President and CEO of Paychex, for election as a Director. NCR's Executive Chairman praised Begor's qualifications and expressed confidence in the company's strategy to transition into an as-a-service provider, bolstered by Begor's and Mucci's leadership.

Positive

• Appointment of Mark W. Begor brings strong operational and financial leadership to NCR.
• Begor's extensive experience in technology transformation aligns with NCR's strategic goals.
• Martin Mucci's nomination adds a proven leader with a successful track record in technological transformation.

Negative

• Transition in leadership may raise concerns regarding continuity and experience gaps.

NCR Corporation (NYSE: NCR) today announced that its Board of Directors has appointed Equifax Chief Executive Officer Mark W. Begor as independent Lead Director. Mr. Begor succeeds Chinh Chu in this role and, subject to his election as a director at the 2021 Annual Meeting, his appointment will be effective on April 20, the date of the NCR Annual Meeting of Stockholders. Mr. Begor has been a member of the NCR Board of Directors since February 2020. The Board also nominated Paychex President and CEO Martin Mucci for election as a Director at the 2021 Annual Meeting.

Known as a strong operating and financial leader who builds teams around a clear strategy, Mr. Begor has led growth turnarounds of several businesses throughout his career. Since joining Equifax, a $4.1 billion data, analytics and technology company, as CEO in April 2018, he has led a $1.5 billion technology transformation across the global enterprise driven by cloud native technology investments and bolt-on acquisitions.

Mr. Begor previously served as a Managing Director in the Industrial and Business Services group at Warburg Pincus, a $40 billion growth-focused private equity firm with over 120 portfolio companies. Prior to that, he spent 35 years at General Electric, most recently as President and CEO of GE’s $8 billion energy management business. Before leading GE Energy Management, Mr. Begor was President and CEO of GE Capital Real Estate. He also served as President and CEO of GE Capital Retail Finance (Synchrony Financial), successfully guiding it through a period where the business doubled in size. He also served as the Chief Financial Officer at NBCUniversal Media and as GE's Investor Relations leader, where he oversaw a large number of acquisitions and dispositions.

“Mark has extensive knowledge of NCR’s business and is well qualified to serve as our independent Lead Director,” said NCR Executive Chairman Frank R. Martire. “We look forward to continuing to work with Mark as we help guide NCR through transformation to an as-a-service company. On behalf of the Board, I want to thank Chinh Chu for his valuable contributions and leadership during his time as independent Lead Director.”

“I am energized to step into this role,” said Mr. Begor. “We have made great strides in our transformation, and I am confident that the company has the right strategy to guide it to future success. I am excited to continue working with our Board to provide strong oversight and guidance to the management team as we build on NCR’s strengths to drive growth going forward.”

“I’m excited about the path that NCR is currently on,” said Mr. Chu. “I’ve been involved with NCR for over five years, and with the new management team we brought in for three years. NCR is clearly on the right track with its NCRaaS strategy. With Mark Begor, new independent Lead Director, and Mike Hayford’s leadership, I’m confident NCR is poised for success.”

Additionally, the Board has nominated Martin Mucci, President and CEO of Paychex, to serve as a member of the NCR Board of Directors, for election by NCR’s stockholders at the NCR Annual Meeting.

Mr. Mucci has held his position with Paychex, a provider of integrated human capital management solutions as a service – including human resources, payroll, retirement, benefits, and insurance – for small- to medium-sized businesses, since September 2010. Paychex has annual revenue of $4 billion and is a Fortune 1000 company with a market capitalization of $34 billion. During his tenure as CEO, Mr. Mucci has overseen Paychex’s transformation into a technology-enabled service company featuring innovative software-as-a-service technology and propelling the company to outperform the S&P 500 in total shareholder return. Mr. Mucci joined Paychex in 2002 as Senior Vice President, Operations. Prior to joining Paychex, he held senior level positions with Frontier Communications, a telecommunications company, including President of Telephone Operations and Chief Executive Officer of Frontier Telephone of Rochester. Mr. Mucci was a member of the Board of Directors of Cbeyond, Inc. until it was purchased by Birch Communications, Inc. in 2014.

“Marty is a proven leader with a transformation- and growth-oriented mindset,” said NCR President and Chief Executive Officer Michael D. Hayford. “He has a track record of creating shareholder value and overseeing a successful technological transformation at Paychex. His perspective will be highly additive to our Board.”

About NCR Corporation

NCR Corporation (NYSE: NCR) is a leading software- and services-led enterprise provider in the financial, retail and hospitality industries. NCR is headquartered in Atlanta, Ga., with 36,000 employees globally. NCR is a trademark of NCR Corporation in the United States and other countries.

Website: www.ncr.com
Twitter: @NCRCorporation
Facebook: www.facebook.com/ncrcorp
LinkedIn: www.linkedin.com/company/ncr-corporation
YouTube: www.youtube.com/user/ncrcorporation

View source version on businesswire.com: https://www.businesswire.com/news/home/20210310005986/en/

FAQ

Who has been appointed as the independent Lead Director of NCR?

Mark W. Begor, the CEO of Equifax, has been appointed as the independent Lead Director of NCR.

When will the appointment of Mark W. Begor as Lead Director take effect?

Begor's appointment will be effective on April 20, following his election at the 2021 Annual Meeting.

What is the background of Mark W. Begor in relation to NCR?

Mark W. Begor has been a member of the NCR Board of Directors since February 2020 and has strong operational leadership credentials.

Who else was nominated for the NCR Board of Directors along with Begor?

Martin Mucci, President and CEO of Paychex, has also been nominated for election to the NCR Board.

What is the significance of the leadership changes at NCR?

The leadership changes are expected to enhance NCR's strategic direction towards becoming an as-a-service provider.