News

Head of redbox resigns, Coinstar stock takes hit

July 24, 2011

According to the Los Angeles Times, redbox President Mitch Lowe, resigned unexpectedly as redbox parent Coinstar reported early results for Q2 2011 that did not meet Wall Street predictions — after which Coinstar stock dropped 10 percent in after-hours trading.

Lowe, previously a founding exec at redbox rival Netflix, has been with the company since it was owned by McDonald's and had only about 12 DVD-rental kiosks, so his departure took executives at Hollywood studios that worked with redbox by surprise, the Times reported.