Outerwall, Inc. (OUTR)

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Outerwall CEO Di Valerio Steps Down >OUTR

Jan 20, 2015 09:21:00 (ET)

By Tess Stynes
Outerwall Inc. on Tuesday said Chief Executive J. Scott Di Valerio has stepped down, and the kiosk operator named board member Nora M. Denzel as interim CEO until a successor is found.

The move comes as the company also projected strong results for its fourth quarter. Outerwall is one of the few firms still standing in the business of renting DVDs as the market swings toward on-demand and digital viewing.

The company's Redbox unit has been reaching deals with movie companies, including one with Lions Gate Entertainment Corp. in October, which helped ease investor concerns that Outerwall can maintain relations with Hollywood despite major changes in the sector.

Mr. Di Valerio, who also resigned from Outerwall's board, was named CEO in April 2013. His previous experience included serving as Outerwall's financial chief, starting in 2010.

Ms. Denzel has been on Outerwall's board for nearly two years. Her previous experience includes various management positions at Intuit Inc. from February 2008 through August 2012.

For the fourth quarter, Outerwall, previously known as Coinstar Inc., also forecast per-share earnings of $2.40 and $2.52 on revenue of $598 million to $602 million. The company previously had expected per-share profit of $1.85 to $2.15 and revenue of $575 million to $605 million.

For 2015, Outerwall expects revenue growth in the low-single digits. The company plans to provide more details when it reports its fourth-quarter financial results on Feb. 5.

Write to Tess Stynes at [e-mail]


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(END) Dow Jones Newswires

January 20, 2015 09:21 ET (14:21 GMT)


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