Coinstar, Inc. Announces redbox Leadership Transition

Coinstar, Inc. CSTR, a wholly-owned subsidiary of Coinstar. Mitch Lowe has resigned as president of redbox to pursue entrepreneurial and other interests, and will continue to serve as president until a successor is named. Coinstar has commenced an external search to identify a new president of redbox. "On behalf of Coinstar and the redbox organization, I want to thank Mitch for his many contributions over the last eight years, particularly in establishing redbox as a leader in the home entertainment business," said Paul Davis, chief executive officer of Coinstar. "A true entrepreneur, we wish him the best as he pursues other passions. I am also excited for the future of the redbox business, and as such, we will be seeking a new leader to help us realize the next chapter in the redbox growth story." "I feel very fortunate to have been part of the extraordinary redbox team that transformed the DVD rental business, and I look forward to working closely with the company to ensure a smooth transition in the days ahead," said Lowe. "When I joined redbox in 2003, it was part of McDonald's and we had only a few kiosks installed. Today, redbox has more than 31,800 kiosks located across the United States and has rented more than 1.5 billion DVDs. As the market continues to evolve, I look forward to watching redbox innovate and grow with it."