Redbox April 25 announced that CFO Kavita Suthar will step down, effective May 16, to spend more time with her family. Suthar joined Redbox in 2015, becoming CFO in 2020 and played an integral role in navigating the home entertainment company’s successful SPAC merger and public listing in October 2021.
Mitchell Cohen, who has prior experience as COO and CFO at several public and private companies, will serve as interim CFO. Suthar will remain involved with Redbox in an advisory capacity to facilitate a smooth transition.
“Kavita played an important role in Redbox’s public listing and provided the sound financial leadership required to navigate the process successfully,” CEO Galen Smith said in a statement. “On behalf of the board and executive team, I’d like to thank her for her contributions over the years. We wish her the very best in her future endeavors.”
Redbox, which lost $140 million in fiscal 2021, is undergoing internal restructuring as it cuts overhead costs and attempts to transition to digital distribution.
Separately, Redbox shares exploded (41%) April 25 as more than 33 million shares traded hands on Wall Street — well above the average daily volume around 2.4 million shares. Online scuttlebutt suggests the stock has piqued the interest of short sellers who are betting the company becomes a “meme stock,” triggering major up-and-downturns.