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Coinstar Says Redbox Unit Founder Gregg Kaplan to Step Down

Aug. 13 (Bloomberg) -- Coinstar Inc. said Gregg Kaplan, the company’s president and interim chief of the Redbox DVD rental unit, plans to leave in March to pursue other opportunities.

Anne Saunders, 51, most recently executive vice president of Knowledge Universe, was named president of Redbox, effective Aug. 27, Bellevue, Washington-based Coinstar said today in a statement. She previously held positions with Bank of America Corp. and Starbucks Corp., according to the company.

Kaplan, a founder of Redbox, built the business from a few DVD vending machines in 2002 to more than 38,500 today, according to the statement. He stepped aside from January to April this year because of a family illness. Prior to joining Redbox, Kaplan, 42, held strategy roles at McDonald’s Corp., an investor in the DVD vending business.

There is no search planned for Kaplan’s replacement at Coinstar, the company said.

Coinstar, which got 85 percent of its sales last year from the Redbox unit, fell 0.4 percent to $49.07 at the close in New York. The stock has gained 7.5 percent this year.

To contact the reporter on this story: Rob Golum in Los Angeles at rgolum@bloomberg.net

To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net

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