Rathgaber to retire, Cardtronics to ring in 2018 with West at helm
Cardtronics PLC announced today that CEO Steven A. Rathgaber, 64, will retire from his roles as CEO and director, effective Dec. 31. Current CFO and COO Edward H. West, 51, will succeed Rathgaber as CEO and will join the board as a director.
According to a press release, the change represents the culmination of a succession plan put in place two years ago by the company’s board of directors.
Rathgaber joined Cardtronics in January 2010, following a career of more than 30 years that included senior leadership positions within the banking, financial services and payments industries.
During his tenure, Rathgaber has transformed Cardtronics from a U.S. ATM owner-operator with approximately 30,000 ATMs into a worldwide ATM specialist providing services for nearly 237,000 ATMs in 11 countries on four continents.
Through this period, annual transactions on the Cardtronics fleet have grown from 400 million to more than 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, the release said.
“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 of the 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.”
West joined Cardtronics in January 2016 following a 25-year career in senior executive roles at large public and private corporations in the financial services, education, technology and business services and aviation industries. In 2012, he was named CFO of the Year by institutional investor magazine; was previously listed in the Top 40 Under 40 by CFO Magazine.
Rathgaber will work through year-end on the transfer of duties to West. A search is underway for a new CFO to replace West, who will remain in that position until a new CFO is appointed.
“[T]here is no better person to lead Cardtronics than Ed West,” Rathgaber said in the release. “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.”