Fred R. Lummis, who led Cardtronics Inc. as its chairman since June 2001, resigned yesterday.
Lummis became chairman of the Houston-based ATM ISO when The CapStreet Companies, Lummis' employer, purchased a controlling interest in Cardtronics. CapStreet is based in Houston.
At the time, Cardtronics had a few hundred machines. It now manages, owns and operates more than 33,000 ATMs. It is the world's largest ATM ISO.
"I am honored to have played a role in the tremendous growth and success Cardtronics achieved since 2001," Lummis said. "The company has a strong board and a proven management team, and I believe that this is an appropriate time for me to hand over the reins to a new chairman. I am confident Cardtronics has the elements in place for continued long-term success."
Lummis' resignation was sudden, but Cardtronics said it was not the result of any disagreement between Lummis and Cardtronics management. The company recently announced a major reorganization.
The board named Dennis F. Lynch as Lummis' replacement. Lynch, a board member since 2008, will continue to serve as a member of the board's audit and compensation committees.
The company also named Mark Rossi as a board member, beginning Dec. 1. Rossi is senior managing director of Cornerstone Equity Investments LLC, a private equity fund he founded in 1996.
In addition to Lynch and Rossi, there are six other board members, including Steven A. Rathgaber, Cardtronics CEO.
