Mark Horak, most recently president of the Americas at Warner Bros. Home Entertainment, will join DVD kiosk company Redbox as its new president on March 17.
Horak's appointment comes after Redbox president Anne Saunders ankled last December, as part of parent company Outerwall's restructuring the company and laying off 8.5% of its workforce, or 251 employees.
Jim Wuthrich was appointed Americas prexy of Warner Bros. Home Entertainment last fall; he previously headed international operations for the division.
Outerwall also reported earnings for the fourth quarter of 2013, touting more than 775 million DVD rentals through Redbox last year.
In the fourth quarter, Redbox segment revenue increased 1.7% to $496.4 million, while operating income was $111.3 million, an increase of 39.2% from the year prior. Net revenue per rental was $2.58, up 0.4% from Q4 2012. Overall, Outerwall posted Q4 revenue of $593.7 million, up 5.4% year over year, while net income was $22.7 million (down 1%).
The company said it plans to purchase $350 million of Outerwall's common stock via a modified "Dutch auction" tender offer, "demonstrating our confidence in Outerwall's business and long-term growth potential," Outerwall CEO J. Scott Di Valerio said in a statement.
Also Thursday, Outerwall announced that Mike Skinner, president of the Coinstar cash-redemption kiosk division, has "decided to leave the company for another opportunity" after nine years with the company. Coinstar operations executive James Gaherity will become president of that division.
In addition, Outerwall appointed Maria Stipp president of the ecoATM electronics-recycling kiosk business. She had been chief new ventures officer and concurrently interim president of ecoATM since October 2013.
Redbox Names Ex-Warner Bros. Exec Mark Horak President
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