NCR announced today that they are hiring a new executive. Timothy C. Oliver who has been appointed as the Company’s Executive VP and CFO. He will take the chair of Andre J. Fernandez who will serve as Executive Vice President and CFO of the Company until July 13, 2020. On July 13 Mr. Oliver will take over the position.
Mr. Oliver, 52, will receive an annual base salary of at least $625K and participate in the NCR’s Management Incentive Plan with a total annual cash target bonus opportunity of 150% of his base salary.
New Chief Financial Officer will also receive new hire equity awards of premium stock options with an award value equal to $2,000,000, with an exercise price for such options equal to 110% of the fair market value of one share of NCR common stock on the date of grant , and time-based restricted stock units with an award value equal to $2,000,000 , with each such award being the subject of a separate grant agreement. He will also be eligible for future annual equity grants under the NCR’s LTIP.
Furthermore, he will participate in the NCR Executive Severance Plan with a separation “benefit of one and one-half times (1.5x) his annual base salary and target bonus, as set forth in such plan, in the event of a qualifying termination, and will participate in the Amended and Restated NCR Change in Control Severance Plan with a “Tier I” benefit level.”
“The opportunity to have an impact on building out the vision that the NCR team has established for the company is exciting,” said Oliver
NCR Corporation (NYSE: NCR) stock price is down more than 3% on Monday and approximately 50% year-to-date. According to 8 analysts NCR shares are a “moderate buy”.