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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Nuance Communications Inc.    NUAN

NUANCE COMMUNICATIONS INC. (NUAN)
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Nuance Appoints Mark Benjamin as Chief Executive Officer

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03/22/2018 | 02:01pm CEST

BURLINGTON, Mass., March 22, 2018 (GLOBE NEWSWIRE) -- Nuance Communications, Inc. (NASDAQ:NUAN) today announced that its Board of Directors has unanimously appointed Mark Benjamin as the new Chief Executive Officer of the Company. Mr. Benjamin, who will join Nuance on April 23, 2018, is a dynamic leader who brings 25 years of experience in technology markets to the position. He succeeds Paul Ricci, who will retire from Nuance on March 29, 2018.

Mark Benjamin
Mark Benjamin named CEO of Nuance Communications, Inc.


A proven leader, Mark Benjamin currently serves as President and Chief Operating Officer of NCR Corporation (NYSE:NCR), a leading technology company with software and hardware solutions for businesses. In his role, Mr. Benjamin is responsible for leading NCR’s sales, solutions management, business and product development, services and supply chain operations. Mr. Benjamin has established himself as a leader and expert in cloud-based services, software recurring revenue models and go-to-market strategies. He offers extensive experience in markets, sectors and solutions that are directly relevant to Nuance, including the cloud, software-as-a-service, mobile, big data and the Internet of Things (IoT).

Prior to joining NCR, he spent more than 20 years in various leadership assignments for Automatic Data Processing, Inc. (ADP).  Most recently, Mr. Benjamin served as the president of ADP’s Global Enterprise Solutions division, leading a team of 20,000 employees, and managing a multi-billion-dollar portfolio of businesses serving clients in more than 100 countries. He holds a bachelor's degree in international finance and marketing from the University of Miami.

“After a comprehensive search process, on behalf of the Board and the Company, I am excited to welcome Mark Benjamin as the next Chief Executive Officer of Nuance,” said Robert Frankenberg, Nuance director and chair of the CEO Search Committee.  “With a shareholder focus, proven history of results, stellar reputation in the industry, and wealth of leadership experience, we are confident that Mark is the right leader for Nuance.”

“I am appreciative to the Board and am honored for the opportunity to lead this tremendous organization of innovative, talented and driven professionals,” said Mark Benjamin.  “I am excited to join Nuance at this important moment in the Company’s history and am eager to work closely with the team. As I look ahead, I am confident that the Nuance team will continue to deliver important innovations for our customers and lead this dynamic field while creating meaningful value for our shareholders.”

Paul Ricci, Nuance CEO, to Retire on March 29, 2018
Paul Ricci, who has served as Chairman and Chief Executive Officer of Nuance Communications since 2000, will retire on March 29, 2018.  Under his leadership, Nuance has evolved from a $50 million per year imaging software publisher to a multi-billion dollar leading provider of Conversational AI solutions, with 14,000 employees worldwide.  Mr. Ricci led the evolution of Nuance with the simple, powerful vision that people should be able to interact simply and intelligently with the technology around them, both at work and at home. He turned this vision into reality by applying voice, language, and AI-powered solutions to solve complex problems in healthcare, telecommunications, automotive, financial services, and other global markets. He led dramatic investment, innovation and growth initiatives across Nuance’s diverse business with a combination of strategic, financial and operational capabilities honed by decades of experience as an accomplished technology executive.

“On behalf of the Board of Directors and Nuance employees worldwide, I want to thank Paul for his unwavering dedication, significant contributions to the Company, and particularly for his incredible vision for the future of technology,” Mr. Frankenberg added. “Years ago, he foresaw a world where human speech would be the natural interface for people and technology.  Over the course of his tenure, he has successfully led this organization through several important transformations that have turned that vision into a reality.  As a result, Nuance is now positioned as the world’s leading provider of language and conversational AI solutions, and has a solid foundation for future growth. We are grateful to him for his leadership and wish the very best in his retirement.”

“It has been my privilege to lead Nuance and work with thousands of colleagues over the last two decades,” said Paul Ricci, Chief Executive Officer at Nuance. “I am especially proud of the hundreds of teams and leaders that I’ve seen grow in my time with the Company. It is their perseverance, their enthusiasm, and their commitment to building solutions, with real and meaningful impact for our customers, that has kept this great company at the forefront of the industry.  I am confident that under Mark’s leadership, they will continue to bring forth leading-edge solutions, execute on its strategy, and deliver value for all stakeholders.” 

Dan Tempesta, chief financial officer of Nuance, will serve as interim CEO during the period between Mr. Ricci’s retirement and Mr. Benjamin commencing his employment.

About Nuance Communications, Inc.

Nuance Communications, Inc. (NASDAQ:NUAN) is the pioneer and leader in conversational AI innovations that bring intelligence to everyday work and life.  The company delivers solutions that can understand, analyze and respond to human language to increase productivity and amplify human intelligence.  With decades of domain and artificial intelligence expertise, Nuance works with thousands of organizations – in global industries that include healthcare, telecommunications, automotive, financial services, and retail – to create stronger relationships and better experiences for their customers and workforce. For more information, please visit www.nuance.com.

Trademark reference: Nuance and the Nuance logo are registered trademarks or trademarks of Nuance Communications, Inc. or its affiliates in the United States and/or other countries. All other trademarks referenced herein are the property of their respective owners.

Contact Information

For Investors and Media
Richard Mack
Nuance Communications, Inc.
Tel: 781-565-5000
Email: richard.mack@nuance.com

For Investors
Suzanne Dulong
Nuance Communications, Inc.
Tel: 781-565-5000
Email: suzanne.dulong@nuance.com

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/70804e37-a6c1-4461-bf34-3551d79a5a49

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© GlobeNewswire 2018
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Financials ($)
Sales 2018 2 058 M
EBIT 2018 523 M
Net income 2018 -115 M
Debt 2018 1 848 M
Yield 2018 -
P/E ratio 2018 -
P/E ratio 2019 64,19
EV / Sales 2018 3,22x
EV / Sales 2019 3,00x
Capitalization 4 787 M
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Number of Analysts 5
Average target price 18,8 $
Spread / Average Target 12%
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Managers
NameTitle
Mark D. Benjamin Chief Executive Officer
Lloyd A. Carney Independent Non-Executive Chairman
Daniel David Tempesta Chief Financial Officer & EVP-Finance
Vladimir Sejnoha Chief Technology Officer
Mark Sherwood Chief Information Officer & Senior Vice President
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