Cardtronics plc (Nasdaq:CATM) has announced that, as the culmination of its Board of Directors’ long-term succession plan, Chief Executive Officer Steven A. Rathgaber, 64, will retire from his CEO and Director roles effective December 31, 2017. Edward H. West, 51, presently Cardtronics’ Chief Financial Officer and Chief Operations Officer, will succeed Rathgaber as CEO and join the board as a Director.
Rathgaber will work through a transition of the CEO role to West at the end of 2017. A search is underway for a new Chief Financial Officer to replace West, who will remain in his current position until a new CFO is appointed and will ensure an orderly transition of responsibilities.
“During Steve’s nearly eight years as CEO, he led a period of tremendous growth in terms of scale, geographic presence, operating infrastructure and organization,” said Dennis Lynch, chairman, Cardtronics Board of Directors. “He has positioned the company as the premier ATM platform provider in multiple markets around the world, preparing Cardtronics for its next stage of growth as the financial services industry continues to evolve. The building blocks are in place to drive the next leg of growth for Cardtronics, and Ed is the right CEO to lead the transformation of our industry and the company. This is the next step in an orderly succession planning process that has been underway with the board for the last two years.”
“During this time of rapid change and complexities within the banking, financial services and payments industries, there is no better person to lead Cardtronics than Ed West,” said Rathgaber. “Ed is a dynamic leader whose vision is exactly what Cardtronics, its clients and shareholders need as the company enters its next period of solution innovation and growth.”
West is currently responsible for leading Cardtronics’ financial functions, planning, corporate development and consolidated global operations. He joined Cardtronics in January 2016, following a 25-year career in senior executive roles, including CEO and CFO, at a number of large public and private corporations, from an early stage technology firm to a Fortune 100 company, with experience in the financial services, education, technology and business services and aviation industries. West received the “CFO of the Year” award from Institutional Investor Magazine in 2012 and was previously named one of the “Top 40 Under 40” by CFO Magazine.
“Cardtronics has a unique combination of financial institution and retail relationships, global distribution scale and innovation focus, and I am honored to have the opportunity to lead the company,” said West. “The evolution of banking, payments and financial services creates vast opportunities for Cardtronics, and our future is bright. I look forward to working with the team to capitalize on these opportunities.”
Rathgaber joined Cardtronics in January 2010, following a 30+ year career in senior leadership positions with a number of organizations in the banking, financial services and payments industries. During his tenure, Rathgaber has transformed Cardtronics from a leading U.S. ATM deployer, with approximately 30,000 ATMs owned and operated, into the number one ATM specialist worldwide – providing services for nearly 237,000 ATMs in 11 countries on four continents. Over this period, annual transactions on the Cardtronics fleet have grown from 400 million annually to over 2 billion, while annual revenues have grown from less than $500 million to nearly $1.5 billion. Rathgaber has guided Cardtronics through 19 acquisitions during this period.
“Over the last two years, we have reconstituted our executive team with proven industry leaders that together form an extraordinary team,” said Rathgaber. “I take great comfort knowing that the company has such deep talent at its disposal to serve our clients and consumers around the globe. I am confident that Ed will continue to drive Cardtronics to new heights of growth and profitability.”