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BELLEVUE, Wash. - Coinstar Inc. on Thursday announced the appointment of David Cole as its new chief executive officer.
Cole, who was unanimously selected by Coinstar's board following an extensive nationwide search, brings more than 30 years of leadership, operations, and sales management experience to Coinstar.
For the past 11 years, Cole has served as president of two leading private-label manufacturing companies, The Torbitt & Castleman Company, a $130 million manufacturer of specialty food products, and Paragon Trade Brands, a leading manufacturer of private label disposable diapers and a former subsidiary of Weyerhaeuser. While at Paragon, Cole was part of a management team that led the company through its initial public offering on the New York Stock Exchange.
In addition, Cole has worked for several well-known consumer packaged goods companies.
"David is a great complement to Coinstar's already strong management team," said Coinstar chairman, Ron Weinstein. "His consumer products experience and his work with leading North American and European retailers makes him a perfect match for Coinstar."
"Coinstar is a great cash generating business with many exciting growth opportunities," said David Cole, newly appointed CEO of Coinstar. "I look forward to joining the team as we expand the core business and leverage our existing infrastructure through the introduction of new products and services."
In addition to serving as CEO, Cole has been appointed to Coinstar's board of directors. He also serves on the boards of Paragon Trade Brands and Changing Paradigms LLC.
Coinstar 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 nearly 9,000 machines throughout North America as well as in the United Kingdom.