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US: Bush Pal O'Dell Resigns As Diebold CEO, Chairman

Associated Press
December 12th, 2005

Diebold Inc., a maker of automatic teller machines, said Monday that Chairman and Chief Executive Walden W. O'Dell has resigned "for personal reasons."

The company named President and Chief Operating Officer Thomas W. Swidarski to the additional role of chief executive and named him a member of the board. In addition, the board elected John N. Lauer, who has been a director since 1992, as non-executive chairman.

Diebold reiterated its outlook for the fourth quarter for earnings between 50 cents and 60 cents per share, including restructuring charges of 13 cents. Full-year earnings are still expected to range from $1.70 to $1.80 per share, including 30 cents in restructuring charges, 8 cents in manufacturing start-up costs and a one-time gain of 18 cents.

Analysts project fourth-quarter profit, excluding certain items, of 64 cents per share and full-year income of $1.91 per share.

In October, the company reported third-quarter earnings slid 45 percent to $26.4 million, or 37 cents per share, on softer demand and customer installation delays. Revenue rose 3 percent to $622.3 million. On Sept. 22, Diebold shares dropped sharply when the company lowered its outlook for the third quarter and analysts panned the stock, saying the company was executing poorly in a positive market.

Diebold shares fell 73 cents in aftermarket activity, after closing up 11 cents to $37.73 on the New York Stock Exchange.

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