Redbox sr. VP Smith to become CFO
In a major executive shakeup, Coinstar upped CFO Scott Di Valerio to chief executive effective April 1 succeeding Paul Davis, 55, who the company said is retiring.
Galen Smith, senior VP of finance at the fast-growing kiosk business Redbox, will succeed Di Valerio as chief financial officer. Smith is a former Morgan Stanley investment banker who joined Coinstar in 2009 and led negotiations for the new digital joint venture with Verizon as well as home entertainment deals with Sony, Universal and Warner Bros.
Di Valerio, chief financial officer since 2010, will joins the Bellevue, Washington-based company’s board of directors. He was previously president of the Americas for Lenovo Group and has worked at Microsoft Corp., Walt Disney, Mindwave Software and as a partner at PricewaterhouseCoopers.
“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 Coinstar’s board. “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.”
She lauded outgoing CEO Davis for shedding
underperforming businesses and growing Redbox from 6,000 to 42,000 kiosks.