Walden W. O'Dell has resigned as the chairman and chief executive of Diebold Inc., the North Canton, Ohio, automated teller machine company said Monday.
Thomas W. Swidarski, who was named its president and chief operating officer in October, has been named to succeed Mr. O'Dell. The board also elected John N. Lauer, a director, as the chairman.
"The board of directors and … [Mr. O'Dell] mutually agreed that his decision to resign at this time for personal reasons was in the best interest of all parties," Mr. Lauer said in a press release.
Diebold has been struggling for some time. In September it announced a major restructuring effort and lowered its earnings guidance for the third time this year. In October it reported that third-quarter net income fell 45% from a year earlier, to $26.4 million. Revenue rose 2.7%, to $622.3 million. It has blamed its poor results on slow sales to U.S. regional banks, among other reasons.
