Cardtronics, the ATM owner and operator, announced news on Monday (Aug. 21) that Chief Executive Officer Steven A. Rathgaber, 64, will retire from his executive and directorial roles, effective December 31, 2017.
In a press release, the company said Edward H. West, 51, presently Cardtronics’ chief financial officer and chief operations officer, will succeed Steven Rathgaber as CEO and join the board as a director. Rathgaber will stay on during the transition of the CEO role to Edward West at the end of 2017. A search is underway for a new chief financial officer at Cardtronics to replace West, who will remain in his current position until a new CFO is appointed.
“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,” Dennis Lynch, chairman of Cardtronics board of directors, said in the press release. “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.”
CFO Edward West is currently in charge of the company’s 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. 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.