The board of directors for NCR Corp. has announced the timing and details for the company's separation into Voyix and Atleos, the first of which will focus on retail, hospitality and digital banking and the other on ATMs. Atleos in particular will convert to a Maryland corporation and change its name officially to NCR Atleos Corp. prior to distributing common stock to stockholders, according to a press release.

Stockholders will receive one share of Atleos common stock for every two shares of company common stock held by Oct. 2, with the distribution expected to take place on Oct. 16. Following this, Atleos will officially be an independent, publicly-traded company and NCR Voyix Corp. will hold no ownership interest in Atleos.

"Today's announcement marks a major milestone in the completion of the separation of Atleos from NCR, and it is one made possible only through collaborative work and dedication of all of the company's employees," Michael D. Hayford, CEO of NCR, said in the release. "This is a proud moment in the company's 139-year history of innovation. Through that same vibrant tradition and culture, Voyix and Atleos stand poised to build on the company's legacy as value creators for stockholders and top attractors for talent and growth."

"This is an important and exciting moment for our team as we take a critical step closer to launching Atleos as a standalone public company. With our feet firmly in the company's rich history, and buoyed by the talent and energy that characterize our workforce, Atleos and Voyix each look toward a bright new chapter," Tim Oliver, CEO-designate of NCR Atleos, said in the release.

The name Voyix refers to the concept of a voyage of customers with NCR, while Atleos refers to an atlas or map of the company expanding access to ATMs worldwide.

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