ATLANTA – WEBWIRE – Wednesday, March 23, 2022
NCR Corporation (NYSE: NCR), a leading enterprise technology provider, announced Laura Sen, former non-executive chair and CEO of BJs Wholesale Club Inc., and Glenn Welling, principal and chief investment officer at Engaged Capital, have been nominated for election to our Board of Directors.
Ms. Sen is the retired non-executive chair and CEO of BJs Wholesale Club Inc., a Fortune 500 retail chain. In that role, she was responsible for all day-to-day operations and more than 25,000 employees. Under her leadership, the company grew the number of retail stores to 216 locations with revenues of more than $12 billion. Ms. Sen began her career at Zayre Corporation, a retail conglomerate, where she served as vice president of merchandising, and operated her own retail consulting business. She has been listed on Forbes 100 Most Powerful Woman in Business and Boston Magazines 50 Most Powerful Women. She holds a Bachelor of Arts from Boston College.
We look forward to welcoming Laura to the NCR Board of Directors and drawing on her deep expertise in retail technology as we continue transforming NCR into a software platform and payments company, said Michael Hayford, Chief Executive Officer, NCR.
My connection with NCR began as a customer and I look forward to continuing my involvement by joining the NCR Board, said Ms. Sen. I think my experience in the retail industry, coupled with my board experience, will be helpful to the NCR team.
Mr. Welling is principal and chief investment officer of Engaged Capital, a firm he founded in 2012. Prior to Engaged Capital, he was a principal and managing director at Relational Investors, a $7 billion investment fund. He also spent seven years as a managing director in the investment bank at Credit Suisse. Prior to that, Mr. Welling led strategy consulting at HOLT Value Associates and Valuad U.S., and worked as a consultant at A.T. Kearney and Marakon Associates. He is a graduate of the Wharton School of the University of Pennsylvania.
Glenn and Engaged Capital have been investors in NCR for more than four years, during which time they have developed a constructive working relationship with our management team. Having a long-term investor on our board during our strategic review process will be valuable for our company and all our shareholders, said Hayford.
Over the last four years, we have watched NCRs management team transform the company from a hardware business to an innovative, growing and highly profitable recurring revenue software and services business, said Mr. Welling. I am looking forward to joining the NCR board to work with Mike and the team to unlock the inherent value of NCR.
Both will stand for election at NCRs annual meeting of shareholders on May 2, 2022, and would be added to our board after that election.
About NCR Corporation
NCR Corporation (NYSE: NCR) is a leading enterprise technology provider that runs stores, restaurants and self-directed banking. NCR is headquartered in Atlanta, Ga., with 38,000 employees globally. NCR is a trademark of NCR Corporation in the United States and other countries.
Mar 13, 2022 | Business
The 230th meeting of Central Board of Trustees, EPF was held today during the AKAM Iconic Week in Guwahati under the Chairmanship of Shri Bhupendra Yadav, Union Minister for Labour & Employment and Environment, Forest & Climate Change, Vice-Chairmanship of Shri RameshwarTeli, Union Minister of State for Labour & Employment, Petroleum & Natural Gas and Co-Chairmanship of Shri Sunil Barthwal, Secretary Labour & Employment and the Member Secretary Smt. NeelamShammi Rao, Central P F Commissioner.
The Central Board recommended 8.10% annual rate of interest to be credited on EPF accumulations in members’ accounts for the financial year 2021-22. The interest rate would be officially notified in the government gazette following which EPFO would credit the rate of interest into its subscribers’ accounts.
EPFO despite following a conservative approach towards investment, has consistently generated high returns over the last many years which has enabled it to distribute higher interest to its subscribers, through various economic cycles with minimal credit risk.
Traditionally, EPFO has been able to give a higher rate of interest on retirement savings in comparison to other available investment options because of its prudent investment policy of investing in long tenor high yielding securities for the past several decades. This has ensured that the returns on EPFO’s investments are higher even when the yields have been steadily coming down in the past decade.
For FY 2022, EPFO decided to liquidate some of its investment in equities and the interest rate recommended is a result of combined income from interest received from debt investment as well as income realized from equity investment. This enabled EPFO to provide a higher return to its subscribers and still allowed EPFO with a surplus to act as a cushion for providing a higher return in the future also. There is no over-drawl on the EPFO corpus due to this income distribution.
The assured fixed return approach of EPFO, announced by CBT every year along with the tax exemptions makes an attractive savings option for the PF members.
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