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The CEO of Redbox parent company Outerwall, J. Scott Di Valerio, has stepped down and resigned from the Board, Outerwall announced Tuesday.
Board member Nora M. Denzel will serve as interim CEO, as the board initiates a search process to identify the next CEO.
“On behalf of the company, we want to thank Scott for his many contributions to Outerwall. We believe the company is well-positioned due to its strong operating and financial foundation and a deep and talented team of employees. Outerwall continues to capitalize on its market-leading brands to drive profitability and deliver value for shareholders, partners and customers,” Outerwall board chair Nelson Chan said in a statement. “To accelerate the progress we are making, the board believes that now is the right time for a leadership change. … Nora has been an active and valuable contributor to the Outerwall board since she joined in 2013, including service on the audit and compensation committees. She has a deep understanding of our business, operations and the strategies we are implementing to drive results.”
Denzel added: “I look forward to continuing to work alongside the Outerwall board and management team in this expanded role. With the support of our management team and dedicated employees, I am confident that we will continue to successfully execute on our business priorities.”
Outerwall’s stock was down more than 10 percent as of 9:50 a.m. ET after news of the change. Outerwall’s stock continued to drop throughout the course of trading on Tuesday, closing at $62.05, down more than 15 points, or 20 percent, from its closing price on Monday of $77.77 a share.
Jan. 20, 2:48 p.m. This story has been updated with further information about Outerwall’s stock performance on Tuesday.
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