Redbox President Mitch Lowe unexpectedly said he would be leaving the DVD rental company after its parent company reported preliminary financial results that fell short of some investor expectations, reports the Los Angeles Times’ Company Town blog.
Shares of Coinstar, Redbox’s parent company, fell 10% in after-hours trading following the announcement, the story notes.
Lowe has been with the company since 2003, when it was owned by McDonald’s and had only a few rental kiosks. The company now operates more than 31,800 rental kiosks in grocery stores and other retail locations, the story notes.
Lowe resigned "to pursue entrepreneurial and other interests," without providing additional details, the piece notes.
Coinstar said its revenue for the quarter ended June 30 was between $434 million and $436 million, below the $446 million expected by Wall Street analysts, the piece notes.