Symbol Technologies, Inc. (NYSE: SBL), The Enterprise Mobility Company(TM), today announced that Bill Nuti, president and chief executive officer (CEO), has resigned his management and director roles to become CEO of NCR Corporation (NYSE: NCR). Sal Iannuzzi, Symbol senior vice president, chief administrative and financial officer, and a member of Symbol's Board since 2003, has been named interim president and CEO while a search for a replacement is conducted. Symbol has retained Heidrick & Struggles to assist the Board in a worldwide search.
The Board has formed a subcommittee of three independent directors who will provide additional oversight and guidance to senior management until a new president and CEO is hired. The subcommittee will be chaired by the Board's non-executive chairman, Robert J. Chrenc.
"While we are disappointed in Bill's decision to leave, the Board has great confidence in Symbol's senior leadership team and its ability to execute the operating plans we have in place," said Chrenc. "We thank Bill for his many contributions in successfully bringing Symbol through a very difficult period and wish him the best in his future endeavors. We are confident that we will soon identify a high-caliber executive to lead the Company to the next level."
"I have tremendous respect for Symbol and all of its associates, and I believe that the Company will continue to grow and prosper in the years ahead, as Symbol is well-positioned to lead in the enterprise mobility market," said Nuti, who joined Symbol as president and chief operating officer in 2002 and was named CEO in December 2003.
"Symbol has excellent technology and a talented and dedicated group of associates focused on delivering on our promise to customers, partners and shareholders," Iannuzzi noted. "Moving forward, Symbol will continue to provide value-added solutions for our customers, and will ardently strive for improved returns for its shareholders."
Iannuzzi served as non-executive chairman of the Board from late 2003 until April 2005, when he joined Symbol as senior vice president, chief administrative and control officer. In July 2005, he assumed the position of senior vice president, chief administrative and financial officer. Previously, Iannuzzi was chief administrative officer of CIBC World Markets, Inc. from 2000 to 2004. From 1982 to 2000, he held several senior management positions at Bankers Trust Company/Deutsche Bank.