Tuesday, September 27, 2016
EcoATM Gets New CEO After Private Equity Acquisition
San Diego-based ecoATM has appointed David D. Maquera as its CEO, after the completion of the company's acquisition by private equity investor Apollo Global Management. Apollo paid approximately $1.6 billion for ecoAtM's parent company, Outerwall, which it is splitting back into three separate companies--Redbox, Coinstar, and ecoATM. David Maquera had been serving as President of Outerwall's ecoATM business, which allows consumers to turn in their old cell phones for cash payments. ecoATM says it now has over 2,400 kiosks. ecoATM had previously faced the ire of some of by Outerwall's investors, who had demanded Outerwall sell or shut down ecoATM due to results out of the division. Maquera said in Outerwall's release that ecoATM has made "significant financial and operational progress" this year.