GREEN -- Diebold Nixdorf head Andreas "Andy" W. Mattes stepped down Wednesday as the company’s president and chief executive officer.

The resignation took effect immediately.

Company spokesman Mike Jacobsen said the board of directors collectively decided it was time for Mattes to step down and for the board to find a new CEO to maximize the company’s potential.

Diebold hired Mattes in 2013 with the hope he could transform the maker of automatic teller machines into a company driven by software and services-oriented technology.

Three years later, Mattes oversaw a $1.8 billion deal to purchase Wincor Nixdorf, a German company. The acquisition created Diebold Nixdorf, the world’s largest financial self-services and ATM company.

Mattes told The Canton Repository earlier this year that two to three years would be needed to completely merge the two companies.

In October, he announced that Diebold Nixdorf’s cost-cutting plan was ahead of schedule and said the company had cut 1,000 jobs worldwide and closed facilities in Hungary and the Netherlands to streamline operations.

Jacobsen said the board felt the company was on the right strategic path, but “that to execute on that strategy required new leadership.”

In a statement, Board Chairman Henry D.G. Wallace said the company had increased its global scale and market diversity under Mattes with the Wincor Nixdorf acquisition.

“We now look forward to a bright future as a unified company,” Wallace said. “We thank Andy for his vision and leadership, including overseeing the transaction and integration, and for bringing us to this point in our history."

Jacobsen declined to say how long the board had been evaluating Mattes or what factors led it to decide a change was needed.

Mattes had a base salary of not less than $937,500 a year. His compensation agreement entitles him to his unpaid base salary through and including the date he left the company, accrued vacation pay, unreimbursed business expenses and a lump sum equal to two times his base salary, plus an annual incentive award.

The board has created a search committee and retained the executive search firm Heidrick & Struggles to find a new CEO. Jacobsen said there’s no timeline for completing the search.

Gary G. Greenfield, who will become chairman Jan. 1, said the board wanted someone with the expertise and knowledge to lead the company into its next phase of growth.

"Given the significant changes taking place in our industry, now is the time for Diebold Nixdorf to leverage the full strength of the organization and enhance its focus on the new era of global connected commerce,” Greenfield said in a statement.

Until the company hires a permanent successor, Christopher A. Chapman, senior vice president and chief financial officer, and Juergen Wunram, senior vice president and chief operating officer, will serve as interim co-presidents and co-CEOs.

Jacobsen said the board was committed to working with current leadership and management to drive long-term success.

Through the first nine months, the company had a loss of $124.8 million, or $1.66 per share, compared with a profit of $44.8 million, or 67 cents per share, last year.

Diebold Nixdorf on Wednesday reaffirmed its full-year 2017 guidance of approximately $4.6 billion in revenue.