Interesting re: NCR CEO. $8M carrot in November, then out the door in February.
NCR Voyix Board of Directors Appoints James G. Kelly as President and Chief Executive Officer
Board names lead independent director Kevin Reddy Non-Executive Chair
The Company reaffirms its revenue and adjusted EBITDA guidance for full year 2024
ATLANTA—(BUSINESS WIRE)—February 5, 2025—NCR Voyix Corporation (NYSE: VYX), a leading global provider of digital commerce solutions, said today that its Board of Directors has appointed Executive Chair James G. Kelly to the role of President and Chief Executive Officer, effective immediately. Mr. Kelly succeeds David Wilkinson, who is stepping down as President and CEO and a member of the Board of Directors. As part of the leadership change, lead independent director Kevin Reddy has been named the Company’s non-executive Chair.
I also found it interesting that the new CEO’s LTIP fully vests upon reaching both 65 years old and completion of 5 years of service to the company. They are allowing him to include his board service in that calc.
He’s 62 years old today. So he’s has ~3 years until full vesting upon a retirement.
My guess is that he’s setting this up for a sale, but timing is highly uncertain.
Interesting re: NCR CEO. $8M carrot in November, then out the door in February.
NCR Voyix Board of Directors Appoints James G. Kelly as President and Chief Executive Officer
Board names lead independent director Kevin Reddy Non-Executive Chair
The Company reaffirms its revenue and adjusted EBITDA guidance for full year 2024
ATLANTA—(BUSINESS WIRE)—February 5, 2025—NCR Voyix Corporation (NYSE: VYX), a leading global provider of digital commerce solutions, said today that its Board of Directors has appointed Executive Chair James G. Kelly to the role of President and Chief Executive Officer, effective immediately. Mr. Kelly succeeds David Wilkinson, who is stepping down as President and CEO and a member of the Board of Directors. As part of the leadership change, lead independent director Kevin Reddy has been named the Company’s non-executive Chair.
Yeah, this is an interesting turn of events.
I also found it interesting that the new CEO’s LTIP fully vests upon reaching both 65 years old and completion of 5 years of service to the company. They are allowing him to include his board service in that calc.
He’s 62 years old today. So he’s has ~3 years until full vesting upon a retirement.
My guess is that he’s setting this up for a sale, but timing is highly uncertain.
Lorbers resignation might also have to do with the following:
https://www.curbed.com/article/howard-lorber-douglas-elliman-departure-alexanders.html
That’s a great point, and was probably the main factor! I wasn’t aware of this previously.