Coinstar says CEO Davis will retire, promotes CFO

Coinstar says CEO Paul Davis will retire March 31, and CFO Scott Di Valerio will take over

Associated Press

BELLEVUE, Wash. (AP) -- Coinstar Inc. said Thursday that CEO Paul Davis will retire March 31, and Chief Financial Officer J. Scott Di Valerio will replace him.

Davis, 55, has been the company's CEO since April 2009. He did not disclose any future plans. Di Valerio, 50, will also join the board of directors when he replaces Davis. He has been the company's chief financial officer since March 2010.

Coinstar runs 42,000 Redbox DVD rental kiosks and 20,000 coin-counting machines in supermarkets, drug stores, and other locations. The company said Redbox had about 6,000 kiosks when Davis became CEO, and said he has helped keep Coinstar focused on growth while shedding underperforming businesses.

The company said Galen Smith, 36, will replace Di Valerio as its chief financial officer. Smith is currently in charge of Redbox's finances.

Coinstar also said it expects fourth-quarter and full-year revenue within the range of prior guidance, while adjusted earnings per share should be at or above the top end of its range because of lower expenses and tax benefits.

Shares of Coinstar fell 45 cents to $52.05 on Thursday, and lost $1.60, or 3.1 percent, to $50.45 in after-hours trading.

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