NCR should stand for No Cash Required, what with the hefty ransom the State of Georgia gave them to move World HQ from Dayton to Duluth.
Of course, moving is a bit stressful- it makes you take your eye off the ball. The ball was profit- and NCR under CEO Bill Nuti continues to shed value faster than an Irish setter sheds fur.
This just in:
ATM machine maker NCR Corp. said Thursday it plans to cut up to 10 percent of its global work force — possibly more than 2,200 jobs — to reduce costs after reporting its third-quarter profit tumbled 81percent.
The company, which also makes retail checkout scanners and self-serve kiosks, also cut its adjusted earnings and revenue forecasts for the year.
NCR, which said in June it was moving its headquarters to Georgia after 125 years in Ohio, said it would cut 5 percent to 10 percent of its work force that currently totals about 22,400 people.
Its shares dropped $1.49, or 12.2 percent, to $10.73 in midday trading.
Proving once again, helping corporations with tax money is the last refuge of the desperate business model. Georgia will be lucky if NCR is still making registers in 5 years at the rate Bill Nuti is losing money while taking home $2K an hour in pay.
Just another reason that tax dollars should never go to private enterprise. Stop corporate welfare now.
It’s time to legislate that CEOs of companies that accept tax dollars or incentives from government can’t get paid more than the pay of the lowest paid person they lay off for a period of 5 years and must surrender all stock and bonuses. That would stop this craziness pretty quick.