Diebold Nixdorf has named a chief operating officer after clearing another hurdle as it works to meet various legal requirements related to the merger.
GREEN Diebold Nixdorf has named a chief operating officer after the deal that created the multi-national company cleared another legal hurdle in Germany.
Juergen Wunram, senior vice president and chief integration officer, was appointed COO and assigned a spot on the Diebold Nixdorf board of directors. Meanwhile, Eckard Heidloff, the company's president, will resign effective March 31.
The changes come after a domination and profit and loss transfer agreement took effect on Tuesday after being entered into the commercial register of the local court in Paderborn, Germany, headquarters for Diebold Nixdorf operations in Europe.
Completing the agreement allows Diebold Nixdorf to accelerate efforts to integrate operations. Plans for the companies to merge were announced late in 2015 and a public tender offer for Wincor Nixdorf shares ended in August, allowing integration efforts to begin.
Andy W. Mattes, Diebold Nixdorf chief executive officer, said Wunram's management experience and work in process improvement "will be invaluable as we shift the company's integration into high gear."
Mattes also thanked Heidloff for his work in the merger process, calling him crucial partner in making Diebold Nixdorf a reality. "His leadership was paramount in the successful transition of our new company."
Plans are for Wunram to be based in Germany. His responsibilities will include integration, IT, security, quality, indirect procurement, and the company's European-Middle East-Africa business, as well as its retail business and Aevi subsidiary.
Wunram served as the chief financial officer and COO of Wincor Nixdorf from 2007 until the merger, and a member of the executive board. In 2013, he was also appointed deputy chief executive officer.
Before joining Wincor Nixdorf, Wunram was a director at McKinsey & Co. where he served as a consultant since 1992. He led McKinsey's Hamburg office and was a member of the leadership team for the European high-tech sector and operations practice. Wunram has a doctorate in mathematics from the University of Hamburg, Germany.
Heidloff joined Nixdorf Computer in 1983 and held a series of leadership positions in both the retail and financial self-service businesses that played a key role in shaping the company's success over the years. He was appointed CFO and COO for Wincor Nixdorf AG in 2004 and became CEO and president in 2007.
Diebold Nixdorf cited the merger effort when it announced a loss of $33 million, or 48 cents share, on Tuesday. The company anticipated a loss of between $30 million and $50 million during the coming year, again because of the merger.
But investors seem excited about the company's changes. The stock price jumped to $29.95 per share in two days of heavy trading. It closed Thursday at $30, gaining 5 cents per share on average trading.
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