HOUSTON – Cardtronics Inc., the nation’s largest ATM provider, beset by growing losses, announced its CEO Jack Antonini resigned Tuesday after six years heading the independent service organization.
Fred Lummis, chairman of the board and a partner in Cardtronics largest owner CapStreet Group LLC, will serve as interim chief executive while the board conducts a search for Antonini’s successor.
"Jack and the board have mutually decided that it would be in the best interests of the company to bring in a new CEO with a fresh perspective on how to capitalize on our many strengths and further develop our strategic direction," Lummis said in a statement.
Cardtronics shares, which have sunk below $1 in recent months, rallie don the news to as high as $1.30 over the past two days.
Cardtronics, which has become the major ATM link for credit unions through its 30,000 machines, reported a fourth quarter loss of $57.9 million and a $70 million loss for 2008, more than double its $27.1 million loss for 2007.
Over the past two years Cardtronics has emerged as a key electronic funds transfer point for credit unions with links to CO-OP Financial Services, Credit Union 24 and Financial Service Centers Cooperative. It is also the parent of the surcharger-free ATM network Allpoint.
