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Jack M. Antonini's departure this month as CEO of Cardtronics Inc., the world's largest non-bank operator of ATMs, surprised one analyst who gave Antonini high marks for hissix-year tenure. "The departure appears to signal some disagreement regarding the strategic direction for the company, as well as likely with regard to how best to address the company's share valuation," wrote Franco Turrinelli, an analyst with William Blair & Co. in Chicago. As of this morning, Cardtronics' stock was trading at $1.81 per share, down sharply from the company's 52-week high of $10.44 per share, achieved on May 29, 2008. "The company has generally performed well under Mr. Antonini's leadership–including the successful expansion into the UK and Mexico markets," Turrinelli wrote. Cardtronics owns Bank Machine Ltd. in the UK and Cardtronics Mexico in Mexico City. Both companies deploy non-bank ATMs. Antonini stepped down March 18 as head of the Houston-based ATM independent sales organization (CardLine, 3/18), and Fred R. Lummis, chairman of Cardtronics board, agreed to serve as interim CEO.Lummis is co-founder and was managing partner of CapStreet, the major private-equity investor in Cardtronics. As acting CEO, Lummis is no longer considered an independent board member; therefore, he resigned from the Compensation and Nominating & Governance committees to comply with Nasdaq Market Place rules, according to a recent U.S. Securities and Exchange Commission filing

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