Coinstar Announces Executive Leadership Succession Plan
Di Valerio to succeed retiring Davis as CEO; Smith to succeed Di Valerio as CFO
BELLEVUE, Wash. -- Coinstar Inc., a leading provider of automated retail solutions, said that its board of directors has appointed J. Scott Di Valerio, currently Coinstar's CFO, as the company's next CEO, effective April 1, 2013. He was also appointed to the Coinstar board, effective at that time. Di Valerio will succeed Paul Davis, 55, who is retiring on March 31, 2013.
Di Valerio, 50, joined Coinstar in January 2010 and assumed the role of chief financial officer in March 2010. In addition to his leadership of the finance organization, Di Valerio also leads the company's corporate information technology and supply chain functions. He has more than 25 years finance, operations and management experience.
Prior to joining Coinstar, Di Valerio served as president of the Americas for the Lenovo Group Ltd. and held senior positions at Microsoft Corp., including corporate vice president of its OEM division and corporate vice president of finance and administration. Previously, Di Valerio served in management positions at The Walt Disney Co. and Mindwave Software Inc., and as a partner at PricewaterhouseCoopers.
Coinstar also announced that Galen C. Smith, senior vice president of finance at Redbox Automated Retail LLC, Coinstar's wholly owned subsidiary, will succeed Di Valerio as CFO. Smith, 36, joined Coinstar in 2009 and has served in his current role leading the finance function at Redbox since 2011, and prior as corporate vice president, finance and treasurer for Coinstar.
Prior to joining Coinstar, Smith was an investment banker at Morgan Stanley in the Consumer and Retail Investment Banking Group.
The company has started the process to identify a successor for the Redbox finance leadership role.
"Galen is a valuable leader and proven executive in the Coinstar organization," Di Valerio said. "His extensive financial experience as well as his knowledge of Coinstar will contribute significantly to the company's continued growth and financial strength. Galen's broad and comprehensive understanding of our businesses will be a valuable asset as we continue to execute on our strategy and work to enhance value for all Coinstar stakeholders."
Davis will remain a member of the board through March.
"On behalf of the Coinstar board and the entire organization, I would like to thank Paul for his outstanding leadership of the company," said Deborah Bevier, board chair. "For nearly four years as Coinstar's CEO, Paul has successfully guided the company to tremendous growth and profitability through a wide range of initiatives, including refocusing Coinstar on organic growth through its core businesses, shedding underperforming businesses, and growing Redbox from 6,000 kiosks to the 42,000 kiosks we have today. Thanks to his strong leadership, Coinstar is well positioned for future growth. We wish him the very best in his retirement."
Bellevue, Wash.-based Coinstar is a leading provider of automated retail solutions offering convenient services that make life easier for consumers and drive incremental traffic and revenue for retailers. The company's core automated retail businesses include the Redbox self-service DVD and video game rental and Coinstar self-service coin-counting brands. The company has approximately 42,400 Redbox DVD kiosks and 20,300 coin-counting kiosks in supermarkets, drug stores, mass merchants, financial institutions, convenience stores and restaurants. Redbox also offers DVD rentals through additional kiosks acquired from NCR Corp. in June 2012.