NORTH CANTON, Ohio, Dec. 12 /PRNewswire-FirstCall/ -- Diebold,
Incorporated (NYSE: DBD) today announced senior management changes instituted
by its board of directors. Walden W. O'Dell, Diebold chairman and chief
executive officer, has resigned from the company and its board of directors,
effective immediately. Thomas W. Swidarski, president and chief operating
officer, has been named chief executive officer and elected to the company's
board of directors. Additionally, the board elected John N. Lauer as non-
executive chairman of the board. Lauer has been a member of the company's
board of directors since 1992.
The company is also reaffirming its EPS guidance for the fourth quarter of
$0.50 to $0.60, including restructuring charges of approximately $0.13, and
full-year 2005 EPS guidance of $1.70 to $1.80, which includes anticipated
restructuring charges of approximately $.30 per share, manufacturing start-up
costs and related issues of approximately $.08 per share, and the one-time
gain of approximately $.18 per share on the sale of the campus card systems
"The board of directors and Wally mutually agreed that his decision to
resign at this time for personal reasons was in the best interest of all
parties," said Lauer. "The board and I have been impressed with the
initiatives Tom has launched in his role as COO, and feel Tom's demonstrated
leadership is crucial to improving the company's performance moving forward."
Swidarski will assume the role of chief executive officer in addition to
his current duties as president and chief operating officer. "This has been a
very challenging year for the company," said Swidarski. "We are beginning to
make progress to improve some of our performance issues, reduce our cost
structure by addressing inefficiencies in our manufacturing supply chain and
software development processes, and instill price discipline throughout the
company. I am pleased with the initial progress that we have made, and I have
the utmost confidence in our management and employees' passion and commitment
to dramatically improve our performance."
Swidarski continued, "I am grateful to the board for their continued
support and confidence, especially over the past few months. I look forward
to continuing to work closely with John and the rest of the board as we
continue to address the challenges facing the company. I will have more to
report on our progress and plans for 2006 and beyond during our fourth quarter
and year-end conference call with investors in January."
As previously announced on December 7, the board of directors authorized
the company to repurchase up to 4 million shares of its common stock in the
open market. This reauthorization is in addition to the approximately 500,000
shares remaining under its most recent 2 million share authorization from
August, 2005. The company has repurchased approximately 3.3 million shares to
date in 2005.
Lauer currently serves Diebold as chairman of the board governance
committee and as presiding independent director. He most recently served as
chairman of Oglebay Norton Company, and retired from that position in April
2003. Lauer also served as president and chief operating officer of the B.F.
Goodrich Company prior to joining Oglebay Norton Company.
Swidarski was named president and chief operating officer in October 2005.
He has held several senior-level operational, marketing, strategic and
business development positions within Diebold since joining the company in
1996. Prior to that, he held various management positions within the
financial industry for nearly 20 years focusing on marketing, product
management, retail bank profitability, branding and retail distribution.
Swidarski was a senior executive at PNC Bank and several other leading
financial institutions. He received a bachelor's degree in marketing and
management at the University of Dayton (Ohio), and a master's degree in
business management from Cleveland State University.
In this press release, statements that are not reported, financial results
or other historical information are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. Forward-
looking statements give current expectations or forecasts of future events and
are not guarantees of future performance. These forward-looking statements
relate to, among other things, the company's future operating performance, the
company's share of new and existing markets, the company's short- and long-
term revenue and earnings growth rates, and the company's implementation of
restructuring and other cost-reduction initiatives.
The use of the words "believes," "anticipates," "expects," "intends" and
similar expressions is intended to identify forward-looking statements that
have been made and may in the future be made by or on behalf of the company.
Although the company believes that these forward-looking statements are based
upon reasonable assumptions regarding, among other things, the economy, its
knowledge of its business, and on key performance indicators that impact the
company, these forward-looking statements involve risks, uncertainties and
other factors that may cause actual results to differ materially from those
expressed in or implied by the forward-looking statements. The company is not
obligated to update forward-looking statements, whether as a result of new
information, future events or otherwise.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. Some of the risks,
uncertainties and other factors that could cause actual results to differ
materially from those expressed in or implied by the forward-looking
statements include, but are not limited to:
- competitive pressures, including pricing pressures and technological \
- changes in the company's relationships with customers, suppliers,
distributors and/or partners in its business ventures;
- changes in political, economic or other factors such as commodity
prices, currency exchange rates, inflation rates, recessionary or
expansive trends, taxes and regulations and laws affecting the
worldwide business in each of the company's operations, including
Brazil, where a significant portion of the company's revenue is
- acceptance of the company's product and technology introductions in the
- unanticipated litigation, claims or assessments;
- the company's ability to reduce costs and expenses and improve internal
- variations in consumer demand for financial self-service technologies,
products and services;
- challenges raised about reliability and security of the company's
election systems products, including the risk that such products will
not be certified for use or will be decertified;
- changes in laws regarding the company's election systems products and
- potential security violations to the company's information technology
- the company's ability to achieve benefits from its restructuring and
other cost-reduction initiatives; and
- other factors affecting the company's business beyond its control,
including, without limitation, the occurrence of natural disasters.
Diebold, Incorporated is a global leader in providing integrated self-
service delivery and security systems and services. Diebold employs more than
14,000 associates with representation in nearly 90 countries worldwide and is
headquartered in North Canton, Ohio, USA. Diebold reported revenue of $2.4
billion in 2004 and is publicly traded on the New York Stock Exchange under
the symbol 'DBD.' For more information, visit the company's Web site at
SOURCE Diebold, Incorporated