Coinstar, Inc. Announces Executive Leadership Succession Plan
BELLEVUE, Wash., Jan. 3, 2013 /PRNewswire/ -- Coinstar, Inc. (Nasdaq: CSTR), a leading provider of automated retail solutions, today announced that the Coinstar Board of Directors has appointed J. Scott Di Valerio, currently Coinstar's chief financial officer, as the company's next chief executive officer, effective April 1, 2013. Di Valerio was also appointed to the Coinstar Board of Directors effective at that time. Di Valerio will succeed Paul Davis, 55, who is retiring on March 31, 2013. Davis will remain a member of the Coinstar Board of Directors through March.
Di Valerio, 50, has served as Coinstar's CFO since 2010, and, in addition to his leadership of the finance organization, has overseen Coinstar's corporate information technology and supply chain functions.
"Scott's appointment as CEO is a direct result of the Board's long-time focus on developing a deep management team and ensures that Coinstar will continue to benefit from strong leadership following Paul's retirement," said Deborah Bevier, chair of the Coinstar Board of Directors. "Scott is a proven leader at Coinstar and a seasoned executive with more than 25 years of management, operations and finance experience. Coinstar has a clear and focused growth strategy, and the Board is confident that Scott is the right person to lead the company through its next phase of development."
Bevier continued, "On behalf of the Coinstar Board and the entire organization, I would like to thank Paul for his outstanding leadership of the company. 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."
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