Originally published February 16 2006
Diebold CEO resigns after a tough business year
by Mike Adams, the Health Ranger, NaturalNews Editor
Walden W. O'Dell has resigned from his position of Chief Executive at Diebold, which may be regretting its venture into the manufacture of e-voting machines.
The chairman and chief executive of automated-teller and voting machine maker Diebold Inc. quit on Monday.
"The board of directors and Wally mutually agreed that his decision to resign at this time for personal reasons was in the best interest of all parties," said John Lauer, Diebold's nonexecutive chairman of the board.
Diebold stock fell nearly 2 percent, or 73 cents, to $37 in after-hours trading.
Diebold spokesman Mike Jacobsen would not elaborate on the resignation.
Chief Operating Officer Thomas Swidarski was named O'Dell's replacement and will at least temporarily perform both jobs, the statement said.
Diebold, whose main business is making ATMs and security systems, ventured into e-voting after the Florida punch-card debacle of 2000.
But the company faced challenges in the e-voting business -- from concerns by California's top election official and others about the machines' security and reliability to controversy about O'Dell's support of President Bush.
The problems slowed initial sales and forced the company last year to lower financial expectations for Diebold Election Systems, the subsidiary that makes the touchscreens.
Diebold addressed some security concerns by offering receipts for touch-screen voting but took another hit this year when Hurricane Katrina caused the postponement of $10 million in voting machine deliveries in Gulf areas.
The company said in September that rising fuel costs and a slow performance in its North American bank security business forced it to slash third-quarter earnings expectations to between 32 and 37 cents a share, including the one-time charges.
In October, Diebold said ineffective supply chain management, higher-than-expected manufacturing and production costs and higher energy costs also contributed to the third-quarter performance.
"I look forward to continuing to work closely with John and the rest of the board as we continue to address the challenges facing the company," Swidarski said Monday.
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