Coinstar Inc. announced the nomination of Keith Grinstein, Fran Conley and Ronald Woodard to its board of directors, as well as a new date for its annual meeting.
The three nominees would replace Robert O. Aders, William D. Ruckelshaus and Coinstar founder and chairman Jens Molbak, whose terms expire this year.
“Over the past eleven years, I have enjoyed building Coinstar into a vibrant company,” said Coinstar chairman Jens Molbak. “Going forward, I have made a personal decision to spend more time with my family. The current management team has done a tremendous job running the business since I stepped down as CEO more than a year ago. Coinstar has a bright future with exciting growth opportunities and I look forward to continuing to serve Coinstar as a consultant.”
Mr. Molbak has decided to step down as chairman effective June 20, at which time board member Ronald A. Weinstein will assume the role of chairman.
The nominees would bring a strong and diverse mix of experience to Coinstar’s board. Mr. Grinstein is vice chairman of Nextel International. He is also a partner at two Seattle-based venture capital companies, Second Avenue Partners and Madrona Investments. His past experience includes work at AT&T Wireless Services (formerly McCaw Communications), where he served as president and CEO of the Aviation Communications Division. Mr. Grinstein currently serves on the board of directors for several public and private companies including The Ackerley Group, Car Toys, F5 Networks, Nextel International, and Terabeam.
Ms. Conley is founder and president of Roanoke Capital, a financial consulting firm, and a general partner of Roanoke Investors Limited Partnership. Prior to founding Roanoke Capital in 1982, Ms. Conley held a variety of positions at Rainier National Bank, including senior vice president and chief administrative officer of the bank’s Washington Division. She currently serves as a director for REI and Cutter & Buck.
Mr. Woodard is president and CEO of MagnaDrive Corporation. Mr. Woodard co-founded MagnaDrive after a 32-year career with the Boeing Company where he held numerous positions including president of the Boeing Commercial Airplane Group. He currently serves on the board of directors for Atlas Air. “Coinstar’s board of directors is looking forward to adding this new talent to its board,” continued Molbak. “At the same time, I’d like to thank Bob Aders and Bill Ruckelshaus for their superb service to Coinstar.” Coinstar’s annual meeting has been rescheduled from September 20, 2001 to August 10, 2001.
About Coinstar Inc.
Coinstar Inc. (Nasdaq:CSTR) owns and operates the only nationwide network of supermarket-based machines that offer coin counting and other electronic services. Linked by a sophisticated interactive network, the company has more than 8,500 machines throughout North America as well as in the United Kingdom. Meals.com, the company’s majority-owned subsidiary, is an infrastructure provider that helps supermarket retailers and packaged goods manufacturers communicate directly to consumers through the use of online and in-store technologies.Details