Bill Nuti, NCR's chairman and chief executive, is leaving the post for health reasons.

Nuti, who joined the ATM manufacturer as president in 2005 and has been chairman since 2007, will remain in his post until NCR finds a new CEO.

The company's search is expected to be completed in the next couple of months. Upon stepping down, Nuti, 54, will be chairman emeritus and will serve as a consultant.

Nuti leaves the company as it expands its technology and battles to win merchant share on several fronts. NCR's major projects over the past couple of years have included a diversification to serve merchants' omnichannel shopping and payment needs, an expansion into advanced ATM technology in Europe and adding point of sale hardware to compete with market rivals such as Square.

Under Nuti's leadership, NCR also created a $2 billion software business, which is now driving about 70% of the company's profits.

"I want to thank the people of NCR, past and present, for their dedication, focus and results," Nuti said in a press release. "While I would love nothing more than to continue as CEO, serving as a full-time executive will simply not be feasible in the near future."

NCR also announced Paul Langenbahn, executive vice president of NCR Software, has been promoted to chief operating officer, succeeding Mark Benjamin. The company said Benjamin resigned to pursue an external opportunity.

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