Davis Retiring from Coinstar; Di Valerio New CEO3 Jan, 2013 By: Chris Tribbey
J. Scott Di Valerio, the CFO of Redbox parent Coinstar, will become the company’s new CEO April 1, with current CEO Paul Davis retiring March 31. Di Valerio will also become a member of Coinstar’s board of directors.
Di Valerio, 50, has been Coinstar’s CFO since 2010, and during his term has also overseen Coinstar's corporate information technology and supply chain functions.
“Scott’s appointment as CEO is a direct result of the board’s longtime 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 Coinstar’s 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.”
Davis has been Coinstar’s CEO for nearly four years, during which Redbox has grown from 6,000 kiosks to 42,000 kiosks.
“I have been fortunate to have worked closely with Scott during the past three years, and I can attest firsthand that he is the right executive with the right experience and background to lead Coinstar forward,” Davis said. “I believe that under Scott’s leadership, Coinstar will continue to expand on its market-leading position and in new venture opportunities to drive future growth and value creation for our shareholders.”
Di Valerio added: “I am honored by the confidence the board has in me to lead Coinstar through its next chapter of growth and share Paul’s enthusiasm for Coinstar’s automated retail businesses and the opportunities we have to deliver value to our shareholders. I am excited to continue our work and lead our talented team in growing the business through the strategic initiatives and new ventures under way and in development.”
Galen C. Smith, SVP of finance at Redbox, will succeed Di Valerio as CFO of Coinstar. Smith, 36, joined Coinstar in 2009 and has served in his current position since 2011.
“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.”