NCR Corp. announced today that Bill Nuti, chairman and CEO, has informed the board of directors that he intends to step down for health reasons upon the naming of a new CEO.

The board is currently conducting a CEO search, which it expects to complete within the next few months, according to a company press release. Upon stepping down, Nuti will be named chairman emeritus and will serve as a consultant to NCR.

"As the third-longest-serving CEO in NCR's 134-year history, Bill Nuti is a great leader who has had a profound impact on the company's successful evolution," Chinh Chu, the board’s independent lead director, said in the release. "Bill's vision and focus on execution has driven the reinvention of NCR, transforming our company into a software- and services-led organization, and we are pleased that he will stay involved with the company. On behalf of the entire board, I thank him for his dedicated service and wish him well."

Nuti joined NCR in 2005 as president and CEO and was named chairman in 2007 upon completion of the successful $5 billion spin off of Teradata. During his tenure, revenue at NCR grew from approximately $4 billion to $6.5 billion, operating margins more than tripled, and the company saw significant growth in cash flows and recurring revenues. 

"I woke up every day as chairman and CEO of NCR never taking for granted the extraordinary honor it is to lead this great company," Nuti said in the release. "I have always felt immense pride being an employee of NCR. ...

"While I would love nothing more than to continue as CEO, serving as a full-time executive will simply not be feasible in the near future. I am honored by the board's decision to name me chairman emeritus, and I look forward to keeping an active connection with NCR, while also focusing on my outside boards and, most importantly, spending more time on my health and family."

NCR has also announced that Paul Langenbahn, executive vice president of NCR software, has been promoted to chief operating officer, succeeding Mark Benjamin who resigned to pursue an opportunity outside the company.

Langenbahn has been an executive at NCR for seven years, most recently leading the company's global software division. He was president of the NCR hospitality division from 2014 to 2016. Prior to joining NCR, he was president of the hospitality business unit at Radiant until that firm was acquired by NCR in 2011.