Outerwall announced on Tuesday that CEO J. Scott Di Valerio has stepped down from the position and resigned from the board. Nora Denzel will fill the position as interim CEO until a new appointment is made.
Outerwall’s stock has fallen more than 20 percent since the announcement.
“We believe the company is well-positioned due to its strong operating and financial foundation and a deep and talented team of employees,” board chair Nelson Chan said in a statement. “Outerwall continues to capitalize on its market-leading brands to drive profitability and deliver value for shareholders, partners and customers. To accelerate the progress we are making, the board believes that now is the right time for a a leadership change.”
Denzel has been a member of the Outerwall board since 2013, and she fills positions on the audit and compensation committees. She previously held vice-president positions at Intuit and Hewlett-Packard.
The change comes as Outerwall prepares to deliver its fourth quarter earnings report on Feb. 5. Revenue is expected to be approximately $598 million to $602 million for the fourth quarter, and earnings per share is expected to come in between $2.40 and $2.52, according to information released by Outerwall.
Outerwall did not offer additional comment.