News

Fred Lummis steps down as Cardtronics chairman

November 10, 2010

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.