Redbox leader resigns

BELLEVUE, Wash. — Coinstar announced that the president of its DVD rental subsidiary has resigned.

Redbox president Mitch Lowe, who has led the business since April 2009 after joining the company in 2005, will leave to pursue other entrepreneurial interests. Lowe will stay on as president until a successor is named, Coinstar said, adding that the company has begun to search for a replacement.

"On behalf of Coinstar and the Redbox organization, I want to thank Mitch for his many contributions over the last eight years, particularly in establishing Redbox as a leader in the home entertainment business," Coinstar CEO Paul Davis said. "A true entrepreneur, we wish him the best as he pursues other passions. I am also excited for the future of the Redbox business, and, as such, we will be seeking a new leader to help us realize the next chapter in the Redbox growth story."