March 29, 2005 10:02 AM PST

HP names NCR leader as new chief executive

Hewlett-Packard has selected Mark Hurd, NCR chief executive, as its next CEO, according to a source close to the board.

Mark Hurd

Hurd's appointment comes less than two months after HP ousted former chief executive Carly Fiorina.

Hurd will serve as president and chief executive, with Patricia Dunn retaining the chairwoman title, the source said. Hurd is expected to begin his new duties early next month.

"He has done an astonishing job at NCR and had inherited similar problems" to those at HP, the source said. "NCR sells into retail and enterprise markets, and has the same complexities."

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HP representatives were not immediately available to comment on Hurd's appointment. NCR issued a statement Tuesday that Hurd was resigning to take "a position with a large global technology company." His resignation is effective immediately.

"I'm very proud of what NCR has achieved during my tenure as CEO, and I'm confident that with the company's leading technologies and attractive markets, coupled with the management team's focus on execution, the momentum will continue," Hurd said in a statement.

James Ringler, an NCR board member, will serve as interim CEO while the company searches for a replacement.

During the search, Hurd emerged as a clear frontrunner within the first month of the effort, the source said.

And though the search ended quickly, Hurd was not well-known to HP prior to its CEO search. He was not among the candidates reviewed when HP selected Fiorina six years ago, the source noted.

Nonetheless, he made a favorable impression on this go-round. "He's young, he has a fabulous record, he understands the industry, he's tough and recruits good people," the source said.

Hurd, 48, initially joined NCR in 1980 and rose up the ranks. He worked as a senior sales and marketing executive and later as the chief

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