ATM ISO TRM Trims Management

PORTLAND, Ore. – TRM Corp., the troubled ATM ISO, said yesterday that Daniel Tierney, who had headed the company’s photocopier business, has resigned, as the company is completing the sale of the business. The nation’s second largest independent operator of ATMs also reported another resignation from its board, Hersch Kozlov, who will be replaced by investment banker John White. Earlier this year, Lance Laifer, an independent director, resigned from the board of the ailing company. Tierney was paid $275,000 in severance and will earn an $85,000 consulting fee to smooth the sale of the copier business. TRM sold its once core business, the copier rentals, last month for $9.2 million, and also sold its Canadian ATM business for $15 million, as part of a restructuring. The operator of more than 14,000 ATMs–6,000 as part of the CO-OP Network–reported a $101 million third quarter loss, because of a write-down of assets.