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Coinstar CEO retires, CFO to take over

A Redbox automated DVD rental kiosk is seen in Golden, Colorado September 16, 2009. REUTERS/Rick Wilking
A Redbox automated DVD rental kiosk is seen in Golden, Colorado September 16, 2009. REUTERS/Rick Wilking

(Reuters) - Coinstar Inc , the operator of Redbox video rental kiosks, said its chief executive Paul Davis will retire and current finance head Scott Di Valerio will replace him.

Shares of the company fell 5 percent to $49.60 in after-market trade on Thursday.

Di Valerio, who has been Coinstar's chief financial officer for more than two years, will succeed 55-year-old Davis, who will retire on March 31. Galen Smith, a finance executive from its Redbox subsidiary, will be the new CFO.

The company said core diluted earnings from continuing operations are trending at or above the high end of its forecast range, primarily due to lower costs and certain tax benefits.

Coinstar had forecast fourth-quarter core diluted earnings of 62 cents to 77 cents per share from continuing operations on revenue of $552 million to $602 million.

The kiosk operator, which also owns the movie rental service Redbox, last month debuted the much-anticipated online streaming version of Redbox in collaboration with Verizon Communications .

(Reporting by Neha Alawadhi in Bangalore; Editing by Sreejiraj Eluvangal)

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