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Cardtronics reorganisation sees US business split in two

19 October 2010  |  2499 views  |  0 Source: Cardtronics

Cardtronics (Nasdaq:CATM) (the "Company"), the world's largest non-bank owner of ATMs, today announced a series of organizational changes designed to better align the Company's management structure with its key business and strategic initiatives.

Effective immediately, the Company's United States operations will be separated into two business units -- "Network and Financial Services" and "ATM Services." Rick Updyke will assume the role of President of the combined United States Business Group, which will also include product management and development. Mr. Updyke, who joined the Company in 2007 as part of the acquisition of the financial services business of 7-Eleven, Inc., will have three direct reports, including Ben Psillas, Tres Thompson and Bill Knoll.

Ben Psillas will serve as Executive Vice President and Division Executive for the Company's Network and Financial Services business unit. In addition to Cardtronics' Allpoint surcharge-free ATM network, this business unit will include other products and services, including the Company's bank branding and financial institution managed services offerings, as well as future products and services designed to leverage the Company's network of prime retail ATM locations. Mr. Psillas, the founder and President of Allpoint, joined Cardtronics as part of the Company's acquisition of that business in 2005. Carl Osterlof, the Company's Senior Vice President of Relationship Management, will report to Mr. Psillas and will be responsible for leading the Company's network and financial institution sales and relationship management efforts.

Tres Thompson, who joined the Company in 2004 and has served as the Company's Chief Accounting Officer since 2006, will become Executive Vice President and Division Executive for the Company's ATM Services business unit. In this role, Mr. Thompson will be responsible for expanding the Company's domestic retail ATM network and for implementing strategic initiatives to further leverage and grow the revenues generated by the Company's domestic ATMs. Tony Muscarello, the Company's Executive Vice President of U.S. Sales, will report to Mr. Thompson and will continue to lead the Company's domestic retail ATM sales efforts. Mr. Muscarello will also be assuming responsibility for the Company's domestic national account relationship management efforts. As a result of Mr. Thompson's new responsibilities, Brad Conrad, the Company's Senior Vice President and Corporate Controller, will assume the role of Chief Accounting Officer, reporting directly to Chris Brewster, the Company's Chief Financial Officer.

Bill Knoll, the Company's Executive Vice President of Product Management, will continue to remain in that role but will now report directly to Mr. Updyke. Mr. Knoll will also work closely with the new Division Executives to develop and implement new products and services that further leverage the Company's existing asset base.

Mike Clinard, the Company's President of Global Services, will continue to be responsible for managing the Company's primary operating services, which include information technology, transaction processing and ATM operations. Mr. Clinard will also now be responsible for managing the Company's Latin American operations, including Cardtronics Mexico and the Company's operations located throughout the Caribbean. Finally, Mr. Clinard will also now be responsible for managing the Company's international business development efforts.

"Since joining Cardtronics earlier this year, I have had the distinct privilege of working with an exceptional team of executives, managers and employees that was assembled long before I arrived," commented Steve Rathgaber, Chief Executive Officer of Cardtronics. "With this new organizational structure, we are simply looking to realign those talented resources within the Company to provide for further visibility into, and responsibility for, the Company's key business and strategic initiatives. Initially, these changes are intended to provide the additional focus and resources needed for the Company to not only achieve, but also exceed its expected revenue and profit growth targets. Longer-term, these changes should drive additional accountability and responsibility throughout the organization, which will be needed as the Company continues to mature into a larger, more established organization. I'm looking forward to continuing the historical success of this valuable franchise, and believe this new organizational structure is a critical step in that direction."


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