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Coinstar CFO Calling it Quits

In less exciting news, Coinstar (and previously Redbox) CFO John Harvey is leaving Coinstar after just 3 months on the job.

Harvey decided that his new position with Coinstar was requiring him to spend too much time away from his family. He had apparently been “commuting” between Coinstar headquarters in Bellevue, WA from his home in the Chicago area.

“I’ve chosen to seek opportunities in the Chicago area that will allow me to spend more time with my family,” Harvey said in a statement.

Good for him, putting is family first. Hopefully it all works out for him.

Know anyone looking for a CFO job?

[via MSN]

12 Responses to “Coinstar CFO Calling it Quits”

  1. Visitor [Join Now]
    Jim [visitor]

    Mabe he got a good look at their books?

  2. Visitor [Join Now]
    joey [visitor]
    I work for VBG. To find out why this is important, click here.

    I hope they bring in somebody who is willing to work with this industry on a solution to the problems that this pricing structure is causing.

    • Member [Join Now]

      What pricing structure problem? The one in your mind? I have to agree with “alans613 says” it does sound like you work for Blockbuster or something because you just sound a little TOO CONCERNED

  3. Member [Join Now]

    Joey, are you an employee of Blockbuster or one of the studios? The pricing structure of RB is no different from what iTunes charges per song. Sorry, but $5 DVD rentals aren’t in my lower middle class budget dude.

    • Visitor [Join Now]
      Sony? [visitor]
      I work with VBG. To find out why this is important, click here.

      iTunes has given away freebies multiple times a week for years?

      One song is worth the same amount as a DVD?

      $5 rentals are the only other options?

      Everyone that gives an opinion other than Redbox is Awesome works for BlockBuster or the Studios?

      • Visitor [Join Now]
        Sean [visitor]

        Actually i-tunes does give away free songs all the time. You can get i-tunes giftcards from a lot of other places, too.

        But I agree with joey below on one thing: it costs way more to make a movie than a song. But, the movie for one dollar is only a rental; you will bring it back and a bunch of other people will rent it. Still, it’s hard to compare because they are physical DVDs and i-tunes is digital. You can not buy a physical copy of a song for a dollar.

    • Visitor [Join Now]
      joey [visitor]
      I work for VBG. To find out why this is important, click here.

      How can you compare a 2 minute song that took a few thousand dollars to make to a 1 1/2 hr film that takes millions to make?apples and oranges

  4. Visitor [Join Now]
    John Small [visitor]

    Redbox only makes money on a rental when someone keeps it out 3 days or more. I’m sure the new CFO will push for an increase in rental rates so that Redbox does not implode.

    • Visitor [Join Now]
      Sean [visitor]

      Really? How do you figure? I realize, even if ten people rent a movie for one night each, they still don’t make as much money as if each one rents it for three days, but you’re saying they make NO profits unless people keep it for three days or more?

      • Visitor [Join Now]
        John Small [visitor]

        They do not turn their copies enough to make money if each title is rented for a single day. They need multiple day rentals to movie a title into profitability.

  5. Visitor [Join Now]
    tobychili [visitor]

    “Leaving to be with the family” is usually a smokescreen floated out to the media.
    CFO’s are all about the money.

  6. Visitor [Join Now]
    The Hoff [visitor]

    Trust me, there’s no smokescreen. John is doing it because of his family. As a former redbox employee, I worked with John and got to know him well in my time there. Uprooting his family to move from Jetblue/NY/CT to redbox was a huge decision and a big part of that was the opportunity redbox provided to return to a reasonable semblance of work/life balance and normalcy. Being CFO of redbox provided that as his commute was about ten minutes. Being CFO of Coinstar is an entirely different story.

    Sometimes things are exactly as they seem.