Galen Smith Named CEO of Redbox27 Sep, 2016 By: Erik Gruenwedel
Longtime Outerwall CFO maintained behind-the-scenes role guiding packaged-media rental business
As expected, Redbox corporate parent Outerwall Sept. 27 formally closed its $1.6 billion sale to investment group Apollo Global Management. As a result of the transaction, Outerwall becomes a privately held company and its common stock ceased trading on the Nasdaq Global Select Market and will be delisted.
Apollo announced that Outerwall would be split into three separate businesses, with longtime CFO Galen Smith named CEO of Redbox. James Gaherity and David Maquera were promoted to CEO positions of the Coinstar and ecoATM businesses, respectively.
Erik Prusch, CEO of Outerwall and acting president of Redbox, will be leaving the company. Prusch joined Outerwall in 2015 after a stint as CEO of Clearwire.
"I am extremely excited to lead the Redbox team and work with Apollo as we continue to provide new movie and video game releases to millions of loyal consumers at a great value," Smith said in a statement. "We believe there are many attractive opportunities for us to build on Redbox's unrivaled brand while enhancing our already strong relationships with Redbox's studio and retail partners."
Smith technically succeeds former Warner Bros. Home Entertainment executive Mark Horak, who departed the kiosk vendor in late 2015.
Smith in 2011 became SVP of finance at Redbox, which included negotiations for street-date access to new releases from Sony Pictures Home Entertainment, Universal Pictures Home Entertainment and Warner Bros. Home Entertainment.
Prior to joining Outerwall in 2009, Galen was an investment banker at Morgan Stanley in the consumer and retail investment banking group.