PALO ALTO, Calif., March 29 (UPI) -- Hewlett-Packard Co. of Palo Alto, Calif., has picked NCR Corp. Chief Executive Mark Hurd as its next chief executive, the Wall Street Journal said.
Hurd has been the CEO since early 2003 of NCR, a Dayton, Ohio company that makes cash registers, automated teller machines and other retail and financial electronic equipment. He turned the company around by cutting costs.
Hurd replaces Carly Fiorina, which HP dumped on Feb. 9, largely for not meeting profit and revenue expectations after HP's 2002 merger with Compaq Computer Corp.
In afternoon trading on the New York Stock Exchange, HP shares rose $1.24 or 6.3 percent to $21.03.
HP directors chose Hurd because he is a strong executive able to improve operations quickly and execute strategy, someone familiar with the situation told the Journal.