BELLEVUE, Wash. — Coinstar, a leading provider of automated retail solutions, has appointed its current CFO J. Scott Di Valerio as new CEO, effective April 1. At that time, Di Valerio will also be appointed to the Coinstar board of directors.
Di Valerio succeeds Paul Davis, who is retiring on March 31, and will remain a member of the board until then.
Di Valerio has been CFO at Coinstar since 2010, and 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 board. "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."
"I am extremely proud of the many accomplishments we have achieved at Coinstar and look forward to teaming with Scott and the entire management team to ensure a smooth transition in the months ahead. 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. 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," said Davis.
"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," added Di Valerio.
Succeeding Di Valerio as CFO will be Galen C. Smith, SVP of finance at Redbox Automated Retail, Coinstar's wholly-owned subsidiary. Smith joined Coinstar in 2009 and has served in his current role leading the finance function at Redbox since 2011, and prior as corporate VP of finance and treasurer for Coinstar.