NCR Names Executives and Focus of Spinoff ATM Business

NCR has taken the next step in spinning off its ATM business.

The firm has filed the Form 10 registration statement with the Securities and Exchange Commission (SEC) for the planned spin-off, NCR said in a Monday (June 26) press release.

The filing is part of the company’s plan to separate into two independent, publicly traded companies in the fourth quarter, as announced in September, according to the release.

One company will focus on ATMs, the other on digital commerce, the release said.

NCR previously announced that NCR Senior Executive Vice President and Chief Financial Officer Tim Oliver has been named CEO of the ATM company.

In Monday’s SEC filing, the company named three more executives of the ATM company: Dan Antilley, chief security officer and cash operations; Stuart Mackinnon, chief operating officer; and Patricia Watson, chief information and technology officer.

“We are building an organization that will sustain NCR’s market leadership and extend the success of our ATM-centric businesses well into the future,” Oliver said in the release.

The ATM company will focus on delivering ATM-as-a-service to banks and retailers; will drive market growth by leveraging new ATM transaction types, including digital currency solutions; and will continue shifting to a recurring revenue model, according to the press release.

“Our ATM and digital commerce businesses will enter the transaction with strong operational performance and strategic momentum,” NCR CEO Michael D. Hayford said in the release. “I remain confident that the separation will enhance the future of both companies and liberate shareholder value.”

NCR announced the planned split into two companies in September, saying its board of directors unanimously approved the plan and the split is expected to take place by the end of 2023.

The other company resulting from the split, the one focused on digital commerce, will be positioned to leverage NCR’s software-led model and operate global retail, hospitality and digital banking, NCR said at the time.

During NCR’s most recent earnings call, which was held in May, the firm said it is continuing to sign new deals for both segments.