Diebold Inc.'s new non-executive board chairman has plenty of familiarity with the cars and trucks that drive up to the bank ATMs the Green company makes.
That's because new Chairman Henry D.G. Wallace, a longtime Diebold board member, is also a former auto company executive.
His background includes 30 years at Ford Motor Co., including chief financial officer, and also president and chief executive at Japanese automaker Mazda Motor Corp. He has extensive global corporate experience.
Diebold on Monday announced Wallace's election as non-executive board chairman. Wallace, 67, succeeds John N. Lauer, 73, who is not being renominated to the board at the upcoming annual shareholders meeting in April.
"I am eager to assume the role of chairman for Diebold," Wallace said in a statement. "The company has a lot of potential for greater value creation, and I look forward to making a significant contribution to the company's leadership and hope to build upon Diebold's rich history."
Wallace also is non-executive chairman of Lear Corp.'s board and is a director at Ambac Financial Group Inc. Wallace is a former group vice president at Ford in addition to chief financial officer. He has a bachelor's degree in economics from the University of Leicester in England.
Lauer, former chairman and top executive at Cleveland-based Oglebay Norton Co., was elected non-executive chairman in 2005 and has been a Diebold board member since 1992. Lauer also is the former president and chief operating officer of the formerly Akron-based B.F. Goodrich Co.
The company said Lauer agreed at the board's request to stay on a year past the company's director retirement age of 72.
Diebold's board also elected Patrick W. Allender chairman of the audit committee. Wallace previously had been the committee chair.
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