DVD Rental Kiosk Operator Redbox's President Departs
NEW YORK – DVD rental kiosk operator Redbox said Tuesday that president Anne Saunders has left the company.
The company didn't detail a reason for her departure or her future plans. The remaining executive team, led by J. Scott Di Valerio, the CEO of parent company Outerwall, will oversee the operation until a replacement is named.
Outerwall said it would start an executive search and expects to fill the role in the coming months.
"I am confident in the future of Redbox and the Redbox executive leadership team, which will continue its work to drive the business and ensure a smooth transition to the next president," said Di Valerio. "We are making progress with our initiatives to drive incremental rentals by continuing to provide new releases and interesting content at a great value to our consumers, generating value for our company and our retail partners. I want to thank Anne for her contributions at Redbox."
Outerwall on Tuesday also announced a reduction of spending on new ventures and cost reductions of approximately $22 million annually, primarily through 251 job cuts. That amounts to 8.5 percent of its workforce.
Said Di Valerio: "We believe the organizational changes we are implementing are necessary to better align Outerwall's cost structure with revenue growth in our core businesses to ensure that we are driving the highest returns for our shareholders."