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The following is an excerpt from a report compiled by Michael Pachter of Wedbush Securities
After market close on Thursday, Coinstar announced management changes. Paul Davis, Coinstar’s (NASDAQ:CSTR) CEO and a Director since April 2009, will retire on March 31. J. Scott Di Valerio, who has been the company’s CFO since March 2010, will become CEO, effective April 1. Mr. Di Valerio previously served as president of the Americas for the Lenovo Group and in senior roles at Microsoft. Galen C. Smith, Redbox’s senior vice president of finance, will succeed Mr. Di Valerio as CFO. He previously served as corporate VP, finance and treasurer for Coinstar.
Changes in executive leadership not likely to be disruptive. We think Mr. Di Valerio is more than capable of leading Coinstar, as he has clearly demonstrated solid skills as CFO. In addition, the company will have three post-holiday months to transition, which we view as an adequate timeframe for a smooth transition.
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We are particularly positive about Mr. Smith’s elevation to CFO. We have had many interactions with Mr. Smith over the years, and find him engaging, intelligent, and a great communicator.
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